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- Title
The War in Ukraine and Inflation Drivers in the GCC: Evidence from Dubai.
- Authors
Rashad, Ahmed Shoukry; El-Sholkamy, Mona; Olimat, Muhamad
- Abstract
The war in Ukraine has led to a surge in commodity prices. Energy and food prices have skyrocketed after the Russian invasion of Ukraine. The acceleration in worldwide fuel prices delivered positive fiscal balances to major oil-rich countries, particularly the Gulf states. Nevertheless, the positive current account balances did not leave these countries immune to inflation. This study uses up-to-date inflation numbers to determine the drivers of inflation in the Gulf region by examining the case of Dubai, as one of the most popular cities in the region. The study uses monthly inflation numbers that cover the year 2022 and applies an element-by- element analysis to identify the drivers of the accelerated inflation. Our findings suggest that Dubai’s inflation is mainly driven by the transport component in the consumer basket, while food items had a modest impact on Dubai’s inflation.
- Subjects
DUBAI (United Arab Emirates); RUSSIAN invasion of Ukraine, 2022-; PRICE inflation; GULF Cooperation Council; FOOD prices
- Publication
Journal of International Women's Studies, 2023, Vol 25, Issue 6, p1
- ISSN
1539-8706
- Publication type
Article