The seasonally adjusted Emirates NBD UAE PMI posted 56.8 in January, down from 57.7 in December , which was a 34-month high. Companies saw a further sharp increase in new orders last month, linked to competitive prices and the securing of new clients. New export orders rose for a second month running. Input costs for the UAE’s private sector businesses rose at the fastest pace in 74 months during January, primarily as a result of the roll-out of the VAT. There were indications that businesses held back from passing on the full VAT-related cost inflation to consumers.