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Saturday , December 10 2022

Consumers Price Index up 4.36% in March ’22; Our oil dips

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KUWAIT CITY, May 12, (Agencies): Consumers Price Index (CPI) increased in Kuwait by 4.36 percent in March 2022 on annual basis compared with the same period in 2021, said the Central Statistical Bureau (CSB) on Thursday. A statement by CSB, obtained by KUNA, revealed that the CPI increased monthly to 124.4 by 0.24 percent, because of high prices of major groups in the movement of the indices. The statement provided the annual price movement for March 2022, saying that Food and Beverages increased by 7.18 percent from the numbers from March of 2021. It added that Cigarettes and Tabaco stood still with at 135.0 points. Clothing and Footwear prices increased by 6.13 percent, while housing services went up by 2.26 percent.

The CSB revealed that Furnishing and Equipment Household maintenance went up by 2.19 percent, adding that Health increased by 1.78 percent. Transport increased by 4.82 percent, communication by 2.39 percent, recreation and culture by 3.37 percent, and Education by 18.95 percent, said the CSB.

Restaurants and Hotels went up by 2.85 percent, Services and Miscellaneous goods at 3.59 percent. Meanwhile, the price of Kuwaiti oil went down by 21 cents to USD 112.21 per barrel on Wednesday, a decrease from USD 112.42 pb the day before, reported Kuwait Petroleum Corporation (KPC) Thursday. Globally, the price of the Brent crude went up by USD 5.05 to USD 107.51 pb, and West Texas Intermediate increased by USD 5.95 to USD 105.71 pb.

The price of the OPEC crudes increased by 84 cents to settle on USD 109.02 per barrel on Wednesday compared to USD 108.18 pb last Tuesday. According to OPEC bulletin, the average oil price of the OPEC basket in 2021 was at USD 69.89 per barrel. OPEC said that the prices of crude oil, including OPEC crudes, in March increased by USD 20 per barrel for the third month in a row based on the escalating geopolitical situation in Eastern Europe and fears of possible major shortage in oil supplies. The oil futures contracts prices witnessed high fluctuations due to the uncertain short-term expectations of oil supply and demand, noting that the price of OPEC Reference basket increased by USD 19.53 to settle at USD 113.48 per barrel. Ministers of energy in OPEC+ alliance concluded in the 28th meeting held on March 31st to continue increasing oil supplies by 432,000 bpd during the upcoming month of June. OPEC+ countries were able to restore output of two thirds of production that stopped during the first stages of Coronavirus (COVID-19)