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Monday , September 26 2022

Domestic inflation rose 1.92 percent last July

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KUWAIT CITY, Aug 31: Data from the Kuwait Central Bureau of Statistics showed that the consumer price index (inflation) in Kuwait increased by 1.92 percent in July, on an annual basis.
In its monthly bulletin on the consumer price indices issued today, the (Statistics) said that the inflation rate in Kuwait rose 0.43 percent in July compared to last June.

The index of the first group (food and beverages) rose last July by 3.74 percent compared to the same period in 2019, and the price index of the second group (cigarettes and tobacco) increased by 3.9 percent.

The index of indices for the third group (clothing) rose by 3.27 percent on an annual basis, while the prices of the group (housing services) stabilized and remained at the levels recorded last year.

The inflation rate in the fifth group (home furnishings) rose by 4.2 percent, the sixth group (health) price index increased by 1.47 percent, while the prices of the seventh group (transportation) increased by 0.22 percent.

The prices of the eighth group (communications) increased by 3. 20 percent on an annual basis, the inflation rate in the ninth group (entertainment and culture) increased by 0.22 percent, and the prices of the tenth group (education) increased by 1.72 percent.

The statistics pointed out that the prices of the (restaurants and hotels) group were the only ones that witnessed a decrease on an annual basis last July, by 0.008 percent, while the prices of the group (various goods and services) increased by 54.5 percent.

The consumer price index is considered a tool for measuring price levels in general between two periods, either monthly or yearly, and usually it is a basic indicator for measuring economic growth or contraction, as the state through which the state can take economic and commercial decisions and draw monetary and financial policies.

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