Inflation in Kuwait up by 2.18 pct in August

Kuwait’s inflation rate in August rose by 2.18 percent on a year-on-year basis, the Central Statistics Bureau (CSB) said on Monday.

In its monthly consumer prices index (CPI) report, CSB noted that the monthly rate rose by 0.43 percent in August compared with the previous month.

On the scale of individual sectors, there were rises for food and beverages, which soared by 5.02 percent, cigarettes and tobacco (3.29 percent) and clothing and footwear (3.26 percent).

Housing services, meanwhile, remained unchanged since numbers recorded last year.

The home furnishings and household maintenance sector increased by 3.73 percent, as did the healthcare sector by 1.38 percent and transport by 0.24 percent.

Telecommunications witnessed an annual rise of 3.20 percent, similarly did recreation and culture by 2.82 percent and education, which edged up by 1.72 percent.

Elsewhere, the restaurants and hotels sector was the only sector to have witnessed a downturn for the second month in a row, shedding 0.08 percent, with commodities and miscellaneous goods and services climbing by 5.51 percent.

The CPI measures prices measures prices in general, either on a monthly or yearly basis.

It is also a basic indicator for growth or economic recession calculations, which the state may takes into consideration when making decisions regarding economic, commercial sectors or to map out monetary and financial policies.

Source: Kuwait News Agency