Kuwait inflation hits 3.02% in March, food prices surge

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KUWAIT CITY, April 21: Kuwait’s consumer price index (inflation), on an annual basis, grew by 3.02 percent last March, according to the Kuwait Central Statistical Bureau (KCSB). In a statement to KUNA, the bureau said the inflation rate in Kuwait rose 0.38 percent the same month — every month.

Benchmark of the first group (food and beverages) went up by 5.71 percent last March, compared to the same month in 2023, while the price index of the second group (cigarettes and tobacco) inched up by 0.15 percent on an annual basis, it added. The consumer price index (CPI) for the clothing group increased by 6.37 percent, housing services by 1.41 percent and furniture by 3.90 percent. The health index went up by 3.41 percent, while rates of transport moved up by 3.41 percent in March compared to the same month in 2022, according to the KCSB. Communications moved up by 2.46 percent on an annual basis, culture and entertainment rose by 2.27 percent and education by 0.80 percent. Restaurants and hotels climbed every year by 2.37 percent, with services and miscellaneous goods rising by 3.96 percent, it said.

The consumer price index (inflation), excluding food and beverages, recorded a hike of 2.53 percent in November on an annual basis, it added. The Consumer Price Index (CPI) is a measurement that examines prices on a monthly or annual basis. Generally, it constitutes a basic index for growth and economic recession, where decision-makers examine to take decisions at the economic level and work out financial and monetary policies. (KUNA)

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