Sunday, September 23, 2007

Getting poorer day by day

From today's Gulf News (it ain't good if you have been here for five years, as I have).

UAE residents already reeling under the rising cost of living are now facing the prospect of sharp value erosion of their earnings and a drop in their savings potential. In the UAE, they are losing heavily on purchasing power as well.

Last year the UAE's inflation hit a 19-year high of 9.3 per cent. A larger number of expatriates working in the country are losing a major share of their earnings to inflation and currency depreciation.

We reach for our Happy Pills...

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