Expenditure on food, drink, transport and recreational activities increased dramatically
Inflation has reached record highs in Dubai, not only driving up the costs of transport and leisure activities, but also driving up the prices of consumer goods, skyrocketing prices for consumers in European countries and Singapore. Touchingly, the situation is due to the rise in inflation over the last 3 years and the property prices have increased by around one per cent even though the property market has witnessed a downturn for the past year or so.
According to Bloomberg, the global economy is under the influence of inflation these days and the Gulf countries have not been safe from this process of rising prices, the inflation rate in Dubai has reached the highest level of 7.1% these days. Due to this, the cost of transportation and recreational activities has increased dramatically and food items have also become expensive.
In view of this situation, Emirates and Dubai have already announced a multi-billion-dollar relief package for their low-income workers, while some companies have started shifting the entire burden of inflation to the common people by not giving subsidies. Given, apart from this, consumer goods are also being stored as global inflation is affecting this area as well.
With this in mind, Emirates NBD, Dubai’s largest bank, has given most employees a salary increase of up to 8 percent, varying according to seniority, to help curb the rising cost of living due to inflation. And it was part of a salary adjustment for mid-level employees for inflation, with top executives getting no raises, lower-paid staff getting the biggest raises, and most employees getting between 5 and 8. increased between percent.
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