Kuwait’s Inflation Surges by 3.69% in May

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KUWAIT CITY, July 9: The consumer prices on annual basis grew by 3.69 percent during last May, according to the State of Kuwait Central Statistical Bureau (KCSB). In a statement to KUNA on Sunday, the bureau said that the inflation rate in Kuwait rose 0.15 percent last May, on a Monthly basis, due to the increase of prices of all main groups that influence the movement of key indices particularly food, education and clothing. Record number of the first group (food and beverages) last May went up by 6.85 percent, compared to May 2022, while the price index of the second group (cigarettes and tobacco) slightly rose by 0.30 percent on an annual basis.

The consumer price index (CPI) for the clothing group rose 6.80 percent, and the (housing services) rose by 2.55 percent, while the inflation rate in furnishings increased by 2.37 percent. KCSB noted that the health index rose 2.45 percent while rates of transport moved up by 2.99 percent compared to the same month in 2022. Communication rose by 1.33 percent on an annual basis, culture and entertainment went up by 2.84 percent while education rose by 0.48 percent.

Restaurants and hotels climbed on yearly basis last May by 3.49 percent, services and miscellaneous goods by 4.01 percent. The statement indicated that the inflation of CPI in May, excluding food and beverages, increased by 2.92 percent on an annual basis. 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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