Dubai: Amid a rise in the global cost of living crisis, expats in the United Arab Emirates (UAE) are feeling the heat as essential commodity prices are soaring.
One of the major reasons for the rise in the cost of living is the COVID-19 induced lockdown. It led to a price hike, affecting the supply chain, also geopolitical pressure and turbulence have caused a spike in energy prices.
The drastic rise in prices has led expats to reassess their spending patterns. At the beginning of the lockdown, economic experts had warned that expats would feel the pinch due to price hikes.
“The cost-of-living crisis is everywhere – from the UK to the US to the UAE; It is rampant.” British broadcaster and business consultant, Kate Hardcastle was quoted as saying by Al Arabia English.
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