Monday , September 24 2018

Kuwait’s July inflation edges higher to 1.26%: official data – Bank lending growth slows in June

KUWAIT CITY, Aug 23, (Agencies): The Consumer Prices Index (CPI) rose by 1.26 percent in July 2017 compared to the same month in 2016, the Central Statistical Bureau (CSB) said on Wednesday.

The index figure for July 2017 recorded a decrease of 0.09 percent, compared to June, the CSB added in its monthly report.

The CPI increased in nine influential groups in July, and decreased in three others. The index for the first main group (food and beverages) went up by 0.28 percent, compared to the same month in 2016.

The figure of the second main group (tobacco and narcotics) was up by 1.70 percent on annual basis and dropped on monthly basis by 0.09 percent, as the third group (clothing and footwear) rose by 2.10 on annual basis and fell by 0.47 percent on monthly basis.

Inflation of the fourth group (housing services) dropped by 2.26 percent on annual basis, and that of the fifth group (furnishing equipment and household maintenance) was up by 3.41 percent.

The sixth group (health) declined by 0.68 percent year-on-year, and the seventh (transport) went up by 15.46 percent on annual basis. Meanwhile, the index for the eighth group (communication) was down by 1.09 percent on yearly basis. The ninth group (recreation and culture) went up on an annual basis by 3.38 percent and the 10th group (education) was up by 3.63 percent on annual basis.

As for the 11th group (restaurants and hotels), it edged up 2.58 percent on annual basis, and the last group (miscellaneous goods and service) witnessed an annual rise of 2.15 percent.

Meanwhile, Kuwait’s central bank released the following June money supply and bank lending data.

Kuwait Money Supply       June 17 May 17      June 16

M1 change yr/yr (pct)      4.7     9.8         -0.2

M2 change yr/yr           0.5     0.5         1.7

M2-M1 pct change yr/yr   -1.1     -2.9 2.4

Bank priv sector

claims yr/yr                3.3     4.4         7.2

Kuwait Central Bank Foreign Assets

bln dinars                  9.498   9.243      8.995

change yr/yr (pct)          5.6     -1.8        -0.7

Note: Percentage changes are Reuters calculations based on official data.


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