2.63 pc in price hike compared to last year
KUWAIT CITY, May 28: Citizens and residents of Kuwait spent about KD 450 million for shopping in the last five days, reports Al-Anba daily. The decision for early payment of the salaries of public employees could be the reason behind this increased rate of spending among both Kuwaitis and residents for buying the commodities and foodstuffs required during the month of Ramadan.
Ministry of Commerce and Industry rejected several requests presented by some food-related companies to increase the costs of their commodities before the start of the month of Ramadan. The Union of Cooperative Societies earlier announced that the prices of 70 commodities have been reduced by 20 percent for a period of 30 days due to Ramadan. The rate of price hikes in April 2017 was 2.63 percent more than that of April 2016. Meanwhile, following the government’s decision to increase fuel prices and electricity and water costs, a study has revealed about the government’s tendency to increase the fees for some health services provided to expatriates, reports Al-Shahed daily.
According to the study, the government is seeking to increase the fees by 500 percent and a dozen times over for visitors such that the new fees will be KD 500 instead of the current KD 100. The study indicated that the value of health insurance will increase by 160 percent to KD 130, which is an increase of KD 80. It explained that most of the increases, which are scheduled to be applied during the coming phase, will be on expatriates, topped by the imposition of taxes on remittances, taxes for health insurance and increased residence fees among others. The study revealed that the increase in fees for health services provided to expatriates has reached its final stages, pending the start of implementation as soon as it is approved, adding that the government, through such price increases, is seeking revenues for reducing the budget deficit.