Share

Kuwait inflation rate rises to 3.82 percent in August 

Food and beverage group prices up 5.70 percent
Kuwait inflation rate rises to 3.82 percent in August 
New report released on Kuwait’s inflation

The Kuwait’s Central Statistical Bureau (CSB) said that the annual inflation registered in August 2023 increased in Kuwait by 3.82 percent compared with August 2022.

The CSB statement, obtained by the Kuwait News Agency (KUNA), said that the Consumer Price Index (CPI) increased by 0.15 percent at 130.3 as a result of the increase in prices of some major groups and the decrease in other groups in the movement of the indices.

The annual price movement showed in August 2023 a 5.70 percent increase in the food and beverage group prices. This is compared to the same period in 2022. Moreover, the statement mentioned that the prices of the cigarette and tobacco group increased by 0.30 percent.

The prices of clothing and footwear group increased by 6.97 percent and the Housing Services group increased by 3.23 percent.

The CSB revealed that the prices of the household furniture group increased by 2.59 percent. Additionally, they noted that the health group prices experienced a 2.60 percent increase.

Read more: Kuwait economy recovers, boost in tourism predicted

The Transportation group prices increased by 3.11 percent and the communication group prices increased by 1.66 percent.

The recreation and cultural group prices increased by 3.31 percent, while the prices of the education group increased by 0.40 percent.

Prices of restaurants and hotels group increased by 3.07 percent and the prices of miscellaneous goods and services group increased by 4.33 percent.

Economic recovery

According to the World Bank, Kuwait emerged from a two-year recession in 2021, with real gross domestic product (GDP) growing by 2.3 percent. This growth follows a significant contraction of 8.9 percent in 2020, which was largely attributed to the impact of the Covid-19 pandemic.

Furthermore, the World Bank anticipates that Kuwait’s economic growth in 2022 will accelerate to 5.7 percent. This growth is primarily attributed to an expected increase in oil output by 8.6 percent. The report also mentions that Kuwait’s fiscal deficit is expected to narrow as a result of higher crude prices.

For more economic news, click here.