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Dubai September inflation highest since May 2009

Housing and utility costs rose 6.5 percent year-on-year, the fastest increase since 2008

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Dubai Statistics Center released the following September consumer price data for the Gulf Arab emirate, showing inflation at its highest level since May 2009 on the back of surging housing costs.

Housing and utility costs, which account for almost 44 percent of consumer expenses, rose 6.5 percent year-on-year, the fastest increase since 2008, and 0.4 percent month-on-month in September.

Food and beverage prices, which account for 11 percent of the basket, increased 3.7 percent on an annual basis and 1.3 percent from the previous month.

Analysts polled by Reuters in September forecast average inflation in the United Arab Emirates federation would accelerate to 2.5 percent in 2014 and 3.0 percent in 2015 from 1.1 percent in 2013, which was the highest level since 2009.