Bloomberg News

Kuwaiti Inflation Accelerates to 3.8% on Food, Clothing

March 25, 2012

Kuwait’s inflation rate rose to 3.8 percent in February from 3.5 percent the previous month as the costs of food and clothing increased.

Food prices climbed an annual 8.6 percent from 8.1 percent in January, according to data posted on the Central Statistics Office website today. Clothing and footwear rose 4.9 percent in February, compared with 3.2 percent the previous month. Prices rose 0.2 percent in the month.

Kuwait’s inflation rate eased to 3.1 percent in December, the lowest rate since May 2010. The inflation rate is forecast to fall to an average 4 percent this year, from 4.8 percent in 2011, National Bank of Kuwait SAK, the country’s biggest lender, said in January.

Beverages and tobacco prices increased 7.2 percent in the 12 months through February, compared with 3.6 percent the previous month, while education and medical care rose 2.8 percent from 0.9 percent.

Inflation in Kuwait, the only Gulf Arab state to have dropped its currency peg to the U.S. dollar, accelerated to a record 11.6 percent in August 2008.

To contact the reporters on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net; Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus