File - The Cayan tower (C), the world's tallest twisted tower stands at Dubai's Marina on June 11, 2013 in the United Arab Emirates, UAE. (AFP PHOTO/KARIM SAHIBSAHIB)
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Dubai's inflation rate climbed to the highest since August 2009, led by a rise in the cost of housing, the biggest component on the consumer price index.Gas and housing climbed 15 percent and 5.3 percent, respectively, raising the housing sub-index 4.9 percent. Dubai's inflation rate is rising as the economy is forecast to expand at the fastest rate since 2007 .The housing index climbed 1.2 percent in 2013 even after property prices increased 35 percent, the most in the world, according to a report by Knight Frank LLP. The housing index includes gas, water and maintenance and accounts for 44 percent of Dubai's CPI.
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