Property to figure less in UAE inflation figures and the basket of goods



The basket of goods used to calculate consumer price inflation is to be updated to give less weighting to property and more value to electronics and other goods.

Officials say the overhaul of the consumer price index will reflect changes in spending patterns and the overall economy since the global financial crisis.

It will also taken into account the greater importance of technologies such as mobile phones in recent years.

"The system will stay the same but the weights within the basket will be different as the economy has changed since the last data was taken," said a spokesman from the National Bureau of Statistics (NBS), who asked to remain anonymous.

The IMF has encouraged the country to regularly update inflation data to ensure its accuracy and relevance as an important economic indicator.

Data for the current basket has been fixed since 2007. But the economy has changed shape dramatically since then.

Housing services, made up of rental and utility bills, account for 39 per cent of the basket. Food prices take up 13.9 per cent of the index.

At the time, the weightings reflected a booming economy as prices of property, oil and other commodities soared. As a result, inflation climbed to 11 per cent in 2007.

Officials say the weighting allocated to some groups is no longer accurate. For example, property prices have slid by more than 50 per cent as credit dried up during the financial downturn.

The cost of other items have risen. Electricity and water bills have increased, as have fuel costs after a double hike in petrol prices by the government last year. Education fees have edged up too.

In addition, food prices have surged in recent months as bad harvests in important exporting nations put pressures on supply.

Inflation is forecast to reach 4 per cent this year, according to the IMF.

SPECS

Engine: Twin-turbocharged 4-litre V8
Power: 625 bhp
Torque: 630Nm
On sale: Now
Price: From Dh974,011

If you go

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk (+7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour (+7 383 2125115 ) offer hiking and adventure packages.
Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

Facebook | Our website | Instagram

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

The Last White Man

Author: Mohsin Hamid 

192 pages 

Published by: Hamish Hamilton (UK), Riverhead Books (US)

Release date: out now in the US, August 11 (UK)

Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.


Latest
Most Read
Top Videos