KUWAIT, May 3 (KUNA) — Inflation rate in Kuwait rose by 1.94 percent in March on yearly basis, the Central Statistical Bureau (CSB) said in its monthly report on Sunday.
It noted that the inflation rate slightly surged by 0.09 in March compared with the previous month.
Benchmark of the first group of commodities (food and beverages) climbed in March by 2.79 percent compared to the same month in 2019. Likewise, main index of the second group (tobacco and cigarettes), by 1.3 percent year-on-year.
Index of clothing increased 2.84 percent, annually, while housing services dropped 0.17 percent y-o-y.
Inflation in the fifth group (home furniture) moved up by 2.86 percent y-o-y. Similarly, health, 2.23 percent, as well as transports, 3.55 percent y-o-y.
Index of Communications also increased, 4.09 percent on annual basis, entertainment and culture, 3.20 percent, and education, 2.8 percent y-o-y.
Sector of restaurants and hotels climbed by 1.32 percent y-o-y, as well as commodities and diverse services, 4.01 percent y-o-y.
The benchmark of consumer prices is a tool to measure prices in general, either on monthly or yearly basis.
It is also used to measure growth or economic recession, where the state takes it into consideration when making decisions regarding economic, commercial sectors and mapping out monetary and financial policies.