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Article: NBD warns of record inflation: inflation expected to hit 15-20 per cent.(UAE)(National Bank of Dubai)(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- November 11, 2005
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The UAE is expected to see record inflation this year, as a result of a surge in rents, increased fuel prices and high money supply, National Bank of Dubai (NBD) said in its latest quarterly economic report published in early November. In an unusually blunt assessment by a local institution, NBD estimates that inflation will reach at least 15-20 per cent by the end of 2005.
"Although monetary authorities may well congratulate themselves in combating 'official inflation', the current sharp increase in rentals, which forms the single largest constituent of the CPI [consumer price index] at 36.1 per cent, raises considerable fears over the exact market rate of ...