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Tuesday , November 29 2022

Kuwait . . Most Expensive Gulf Country

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KUWAIT CITY, Dec 30: Kuwait has been ranked the most expensive Gulf country in cost of living during the period from 2011 to 2020. It topped the list with a rise in the consumer price index, which measures inflation, high prices and the cost of living during the last ten years. This had further increased in the last two years as a result of the repercussions of the COVID-19 pandemic, reports Al-Anba daily. Despite the high cost of living, Kuwait witnessed a decrease in the rate of inflation volatility compared to the rest of the Gulf countries.

Cajetan Barretto Photography
Skyline of Kuwait City – Photo by Cajetan Barretto

This was due to the success of the exchange rate policy that links the dinar to a basket of international currencies compared to the rest of the Gulf countries that link their local currency to only the US dollar. The average increase in the inflation rate in Kuwait during the last ten years was about 2.5 percent.

This is the highest rate of increase in the Gulf region, followed by Saudi Arabia, but with a large difference, as the average increase in inflation during the same period was about 1.7 percent. Ranking third in terms of the cost of living during the same period was Bahrain with 1.5 percent, followed by the UAE with 1.2 percent, then Qatar with 1.1 percent, and finally Oman with slightly less than 1 percent.