Inflation up as seafood prices rise

Abu Dhabi inflation was seen at 1.1 per cent year-on-year at the end of first four months of the year in April, as fish and seafood prices climbed in the capital. Statistics Centre Abu Dhabi, or Scad, which gathers data on commodity prices in Abu Dhabi in its consumer price index, or CPI, report for April, said the food and beverages group led the hike in inflation with a 73.9 per cent contribution to the index. The highest increase was seen in the prices of the meat subgroup that jumped 11.5 per cent in the four-month period. “Fish and seafood prices led the rising trend in the group with a surge of 13.8 per cent in the period followed by 9.9 per cent rise in the coffee and tea prices. Edible oils’ prices surged 6.6 per cent,” the CPI report said. “There was a slight increase in bread and cereals prices, which climbed 3.2 per cent,” the report added. The restaurants and hotels group, an important component of the CPI, was up 12.2 per cent year-on-year, adding an impact of 38.7 per cent to the CPI, the report said. The group that slowed down the rise in consumer prices was housing, water, electricity, gas and other fuels. With a 0.9 per cent decline in prices, it neutralised the CPI surge by 30.7 per cent, the report said. In the month of April, average consumer prices soared 1.8 per cent year-on-year. The largest individual increase was recorded in the restaurants and hotels group, which rose by 18.9 percent, followed by beverages and tobacco that went up 9.5 per cent and food and beverages that soared 6.2 per cent. However, prices of housing, water, electricity, gas and other fuels group dropped 1.3 per cent year-on-year in April. The prices rose 0.2 per cent month-on-month in April with restaurants and hotels recorded the largest individual rise of 4.9 per cent.