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.
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