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Dubai Prices Skyrocket Less Than Year After Steep Deflation

The Dubai Mall shopping complex, operated by Emaar Properties PJSC, in Dubai.

The Dubai Mall shopping complex, operated by Emaar Properties PJSC, in Dubai.

Photographer: Christopher Pike/Bloomberg

Consumer prices in Dubai are increasing faster than in Singapore and approaching levels seen across much of Europe, capping a sharp reversal after almost three straight years of deep deflation.

Inflation in the Middle East’s business hub reached an annual 7.1% in July, the fastest since Bloomberg began compiling the data in 2016. The higher costs of transportation, recreation and entertainment, and food and beverages were the biggest contributors to the upswing, according to the city’s statistics authority.