DUBAI: Consumer prices in Abu Dhabi rose during the first half of the year as higher costs of housing and utilities particularly in the city pushed the inflation index higher.
Inflation rate reached 2.1 in the first six months, the Statistics Center — Abu Dhabi (SCAD) said in its latest report, while prices in June alone were 1.8 percent higher compared with the same month of last year and 0.8 percent up from a month ago.
Housing, water, electricity, gas and other fuels’ group accounted for the largest rise in the index during the first half of 2017, which contributed 51.3 percent to the overall increase in the consumer price index (CPI), as prices for this group went up 3.2 percent year-on-year during the period.
The inflation rate for the transport segment meanwhile rose 5.4 percent as of June, and contributed 34.2 percent to the overall increase in the index.
Location wise, SCAD noted that the Abu Dhabi region contributed 54.8 percent to the rise of the consumer index during the first half, while the Al-Ain region contributed 39 percent and the Al-Dhafra region accounted for a 6.2 percent increase.
The agency also said in its report that the prices of products bought by lower-income households rose 2.4 percent in the first half, while those of middle-income households increased 2.5 percent. The prices of consumer items purchased by upper-income individuals meanwhile went up 1.9 percent as of June.
Looking forward, SCAD expects consumer prices to rise 1.9 percent during the third quarter and 1.2 percent in the fourth quarter, both from the respective periods of last year.
Abu Dhabi inflation up 2.1% in first six months
Abu Dhabi inflation up 2.1% in first six months
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
