{"id":218493,"date":"2022-02-03T20:00:16","date_gmt":"2022-02-03T20:00:16","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=218493"},"modified":"2022-02-03T11:29:18","modified_gmt":"2022-02-03T11:29:18","slug":"uaes-inflation-rate","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/uaes-inflation-rate\/","title":{"rendered":"UAE&#8217;s inflation rate continues to rise for the fifth month in a row"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Abu Dhabi, (Business News Report)| <\/strong>UAE&#8217;s inflation rate continues to rise for the fifth consecutive month, according to data from the <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjc3d_3tOP1AhUc57sIHb3KC-MQFnoECAUQAQ&amp;url=https%3A%2F%2Ffcsc.gov.ae%2Fen-us&amp;usg=AOvVaw1_DVAw71gdMCNrR-ogGz31\">Federal Competitiveness and Statistics Authority<\/a>.<\/p>\n<p style=\"text-align: justify\">The data showed that the UAE&#8217;s annual inflation rate rose by 2.5 percent at the end of last year.<\/p>\n<p style=\"text-align: justify\">According to the authority, the inflation rate recorded 108.62 points last December, compared to 105.97 in the same month of 2020.<\/p>\n<p style=\"text-align: justify\">The increase in annual inflation was due to the rise of 9 groups, with food and beverages at the forefront by 3.71 percent, followed by tobacco 0.65 percent, and clothing and shoes 0.51 percent, the data indicated.<\/p>\n<p style=\"text-align: justify\">The housing, water, electricity and gas group decreased by 2.57 percent, education by 0.20 percent, and miscellaneous goods and services by 1.02 percent.<\/p>\n<p style=\"text-align: justify\">On a monthly basis, inflation in the UAE increased by 0.02 percent last December, from a point of 108.6 in November 2021.<\/p>\n<p style=\"text-align: justify\">After the difficult year of 2020 due to the Coronavirus repercussions, 2021 came in the Emirates to witness a relative recovery to resume its economic path with sufficient flexibility, amid ambitious long-term strategies as it entered the new fifty-year plan.<\/p>\n<h3 style=\"text-align: justify\">Tax on business profits<\/h3>\n<p style=\"text-align: justify\">In a related context, global credit rating agency Moody&#8217;s said that the UAE&#8217;s decision to impose a tax on business profits is the most important financial development since 2018.<\/p>\n<p style=\"text-align: justify\">The agency stressed that the new tax will contribute to expanding and strengthening the federal government&#8217;s revenue base, and most likely it will enhance the revenue base at the level of the emirates, if a model is adopted closer to the same model of distributing value-added tax revenues currently.<\/p>\n<p style=\"text-align: justify\">The agency said that the new tax revenues will constitute a new source of income in addition to fees for licenses and services.<\/p>\n<p style=\"text-align: justify\">Although, the agency expect the large role of free zones in the <a href=\"https:\/\/www.bnreport.com\/en\/abu-dhabi-development\/\">UAE&#8217;s<\/a> non-oil economy to limit the financial advantages of the tax, given that the tax is not imposed on a large segment of companies operating in the free zones.<\/p>\n<p style=\"text-align: justify\">The agency pointed out that the impact of imposing a 9% tax on local companies in the UAE is considered a negative development on the level of credit assessments of these companies given its impact on their liquidity flows.<\/p>\n<p style=\"text-align: justify\">However, it said that the impact of the new tax remains limited on the credit status of large companies thanks to the flexibility that these companies enjoy.<\/p>\n<p style=\"text-align: justify\">It enables them to raise the prices of services or products they provide, or to adjust the cost structure and reduce dividends to shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abu Dhabi, (Business News Report)| UAE&#8217;s inflation rate continues to rise for the fifth consecutive month, according to data from the Federal Competitiveness and Statistics Authority. The data showed that the UAE&#8217;s annual inflation rate rose by 2.5 percent at the end of last year. According to the authority, the inflation rate recorded 108.62 points [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":218498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,1165,512],"class_list":["post-218493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-inflation","tag-uae"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UAE&#039;s inflation rate continues to rise for the fifth month in a row | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| UAE&#039;s inflation rate continues to rise for the fifth consecutive month, said the Federal Competitiveness and Statistics Authority.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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