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4-Traders Homepage  >  Equities  >  ABU DHABI SECURITIES MARKET  >  National Bank of Abu Dhabi    NBAD   AEN000101016

End-of-day quote. End-of-day quote  - 05/26
8.25 AED   +0.49%
05/23 NATIONAL BANK O : Food and education drive UAE inflation higher
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National Bank of Abu Dhabi : Food and education drive UAE inflation higher

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05/23/2016 | 10:50pm CEST

The National staff

UAE inflation edged up in April on the back of higher food and education costs.

Inflation rose to 1.63 per cent in April, up from 1.4 per cent in March.

Education costs increased 3.78 year-on-year in April, up from 3.45 per cent in March.

Rising school fees have proven to be a significant concern for expatriate parents, as school places fail to keep pace with population growth. Last year, 300 parents protested outside a school in Sharjah after it raised fees by 40 per cent in a single year.

Parents have expressed concern about the cost of textbooks and extra charges added to already-sizeable school bills.

Food inflation rose to 3.08 per cent in April, up from 2.67 per cent in March.

The US dollar, to which the dirham is pegged, has fallen in recent months.

According to the Bloomberg dollar spot index, it has fallen 4.9 per cent against a basket of international currencies since December.

Housing cost inflation remained at 3.7 per cent in April, significantly below the average of close to 8 per cent in 2015.

The National Bureau of Statistics changed how it calculates inflation at the end of last year. This has had the effect of reducing the official measure of inflation.

Inflation is expected to decline in the second quarter of 2016 on the back of falling rents and lower utility prices, Alp Eke, senior economist at National Bank of Abu Dhabi, told The National last month.

Dubai and Abu Dhabi are ranked among the world's most expensive cities to live, according to a recent Mercer survey, which placed Abu Dhabi 33rd and Dubai 23rd.

business@thenational.ae

(c) 2016 s Abu Dhabi Media Company, All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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