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Kuwait inflation edges up 2.96% y/y in March Housing services index rises by 4.50 pct

KUWAIT CITY, April 23, (KUNA): Kuwait’s annual record of the general index of consumer prices (inflation) rose in March by 2.96 percent compared with the same month of last year, the Central Statistical Bureau (CSB) announced Wednesday. In its monthly report the CSB, however, stated that the inflation rate jumped only by 0.30 month-on-month basis as result of the rise in prices of some major groups with influential figures in the movement and low standard of some groups. It noted that the price index for nine major groups increased and retreated for three others in the corresponding period. The price index for the major group of “furnishing equipment and household maintenance” hiked by 4.83 percent year-on-year and by 0.22 percent month-on-month. The price index for the major group “housing services” rose by 4.50 percent year-on-year, and by 0.92 percent month-on-month.

Furthermore, the price index for the major group “education” rose by 4.06 percent year-on-year and by 1.42 month-on-month. The price index for the major group “Food and Beverages” hiked by 3.57 percent year-on-year and 0.14 percent month-on-month. The price index for the major group “clothing and footwear” surged by 3.35 percent year-on-year and by 0.39 percent month-on-month. The price index for the major group “restaurants and hotels” grew by 2.46 percent year-on-year, but nosedived by 1.23 month-on-month. The price index for the main group of “recreational and cultural” rose by 1. 25 percent year-on-year and but declined by 0.08 percent month-on-month.

The price index for the main group of “transport” swelled by 1.22 percent year-on-year and by 0.32 percent month-on-month. The price index for the group “cigarettes and tobacco” soared by 2.12 percent year-on-year and declined by 0.07 percent month-on-month. The price index for the main group “health” dropped by 1.49 percent year-on-year and remained flat month-on-month. Meanwhile, the price index for the main group of “communications” decreased by 1.28 percent year-on-year and by 0.20 percent month-on-month. The price index for the major group “miscellaneous goods and services” retreated by 2.38 percent year-on-year, but grew by 0.24 percent month-on-month.

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