ABU DHABI, UAE - The UAE economy, while technically still recording growth, has been flat for years.
Property prices have crashed, rents have fallen sharply, and jobs are being cut.
With the two major powerhouses of the country, Abu Dhabi and Dubai, both suffering a huge overhang of empty residential properties while still building more, and occupancies and room rates of the ever-increasing supply of new hotels shattering, there is little sign of an upturn.
On Thursday, it was revealed by the statistic centre, the capital Abu Dhabi Data recorded a decrease in the CPI in July. The CPI came in at 110.4, down 1.4% on the previous month when the index was recorded at 111.6.
The monthly publication released by the Statistics Centre of Abu Dhabi provides an analysis of the emirate's CPI with the base year being 2014.
SCAD noted that Abu Dhabi's CPI also decreased by 1.4 percent in July 2019 compared to July last year, reaching 110.4 percent, compared to the July 2018 figure of 112 percent.
The decline in consumer prices during the period January to July 2019 compared with the same period of 2018, contributed to a decrease of 1.1 percent in consumer prices for low-income households, 0.9 percent for middle-income households, and 0.4 percent for high-income households, the SCAD said.
The centre's statistics also showed that consumer prices for UAE nationals and non-nationals dropped by 0.7 percent while the "shared households" segment decreased by 1.2 percent.
Housing, water, electricity, gas and other fuels contributed to the overall decline, by 166.6 percent from January to July 2019 compared to the same period last year, with prices falling by 3.6 percent, it added.
As for the transport group, prices decreased by six percent, contributing to an overall decrease in CPI of 131 percent, the SCAD report noted.
Food and beverages contributed to the overall decline by 34.3 percent, with prices falling by 2 percent. While the "recreation and culture" group saw an increase of 18 percent in prices compared to the same period (January to July) in 2018, it contributed to the overall decrease in CPI by 119.7 percent.