KUWAIT CITY, Aug 27: Kuwait’s general wholesale price index experienced a 2.1 percent rise year-on-year by the end of June 2024, reaching 149.2 points. This is up from 146.2 points recorded in the same period of 2023, according to the Central Administration of Statistics, reports Al- Seyassah daily.

The increase in the wholesale price index reflects several key trends: Imported Goods -- The index for imported goods rose by 2.3 percent. Local Goods -- Local goods saw a smaller increase of 1.6 percent. Agriculture and Fishing -- The index for materials in this group increased by 4.4 percent, driven by a 4.5 percent rise in crop cultivation and animal production activities, a 2.8 percent rise in imported goods, and an 8.1 percent increase in local goods. Conversely, the index for mines and quarries fell by 1 percent.

This decrease was attributed to a 0.8 percent drop in the prices of sand and crushed concrete and a 3.3 percent decline in local goods, although imported goods in this category increased by 0.7 percent. In the manufacturing sector, the index rose by 2 percent, influenced by price increases in various categories -- food products: up by 1.8 percent; textiles: up by 8 percent; chemical materials and products: up by 2.1 percent; computers, electronic, and optical products: up by 5.3 percent; motor vehicles and others: up by 3.5 percent.

By production stage, prices increased as follows -- raw materials: up by 5.5 percent; intermediate materials: up by 0.6 percent and final materials: up by 2.4 percent. This data highlights ongoing inflationary pressures in various sectors, reflecting both local and international economic influences on Kuwait’s wholesale prices.