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LONDON: Prices are surging across the Arab world as food and fuel costs rapidly erode purchasing power.
Some analysts expect to see an acceleration in inflation in many countries including the US, as consumers start to spend heavily on big purchases.
A rise in consumer prices in the US and Europe could also spell bad news for Middle East nations as the cost of imports increases, while some such as Lebanon and Syria are already being pummeled by the collapse of their currencies which has exaggerated inflationary pressures.
“We do see a pickup in underlying inflationary pressure in the GCC over coming months from the higher fuel and food prices,” Monica Malik, the chief economist at Abu Dhabi Commercial Bank, told Arab News.
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