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Abu Dhabi inflation rate cited by media 'incorrect'.

Abu Dhabi: The Department of Planning and Economy (DPE) in Abu Dhabi on Tuesday issued a statement disclaiming responsibility for the consumer price index (CPI) published by some sections of the media, with the exception of Gulf News which ran a denial of the inflation figures from a top DPE official.

The DPE statement said the 12.88 per cent inflation rate in Abu Dhabi for the second quarter of 2008 as cited in some reports was "incorrect and inaccurate."

Gulf News was the only publication that didn't run the inaccurate figures. It carried a denial of the figures in yesterday's edition quoting Abu Baker A. Al Amoudi, Director of Statistical Administration in the DPE.

"This is a wrong number. Inflation figures for the second quarter of 2008 are still not available as we are reviewing the numbers," Al Amoudi was quoted as saying by Gulf News.

"The final figures for inflation during the second quarter of 2008 will likely be made available within the next two weeks," he added.

The DPE statement said that the Department of Statistics will publish the index year for 2008 based on the new weights and new consumer basket deduced from the survey on household income and expenditure, which was carried out in 2007-08.

The statement added that the consumer basket, which is one of the most important determinants of the cpi, currently comprises 500 items.

It added that the Statistical Division is currently updating the consumer basket in collaboration with the Ministry of Economy and the Dubai Statistics Centre, with the aim of producing a unified basket for the whole of UAE, that will include more than 1,100 items of goods and services.

The statement explained that instead of the eight groups used previously, the proposed methodology will use 12 groups in accordance with the classification of individual consumption by purpose (coicop).

The dpe is going to a more advanced data collection methods, such as palm devices instead of paper forms, pointing out that points of purchase were selected to ensure large possible geographical coverage and consumers segment in the emirate.

It also explained that the weights used previously pertain to the household income and expenditure survey conducted in 1997, adding that, in the new methodology, price indices will be calculated according to their relative importance as inferred from the 2007 survey.

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Publication:Gulf News (United Arab Emirates)
Date:Sep 3, 2008
Words:406
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