UAE Residents Cut Spending Despite Relatively Muted Price Gains

The United Arab Emirates may have one of the lowest levels of inflation globally, but residents have still cut back on spending over the past six months and many plan to continue trimming expenses this year, an online survey showed.

Inflation in the Gulf nation is expected at 3.7% this year before sliding to 2.8% in 2023, according to the International Monetary Fund. That’s lower than levels seen around the world -- including in the US, where inflation roared to a four-decade high last month.