Kuwait’s general wholesale prices saw a notable annual increase in June due to a rise in the prices of several commodity groups. However, the most notable increase in June was the 8.1 percent year-on-year rise in the prices of domestic goods. The June wholesale price index rose 2.1 percent year-on-year to 149.2 from 146.2 in June 2023, according to the Central Statistical Bureau.
The bureau attributes the rise in Kuwait’s wholesale prices to a 4.4 percent increase in prices of agriculture, forestry, and fishing goods and a 4.5 percent rise in crop and animal production prices. The report also noted that the prices of imported goods rose 2.8 percent, while the prices of domestic goods rose 8.1 percent.
On the other hand, Kuwait’s mining and quarrying wholesale prices declined by 1 percent due to a 0.8 percent dip in sand, gravel, and crushed stone prices. Manufacturing prices, however, ticked up 2 percent due to a rise in food production prices by 1.8 percent.
The bureau also classifies material by the stage of production, noting a rise in prices of raw materials, intermediate products, and finished goods by 5.5 percent, 0.6 percent and 2.4 percent, respectively. In addition, it reported a 2.9 percent increase in prices of consumer goods, a 2.4 percent rise in capital goods, and a 0.6 percent rise in producer materials.
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Monthly changes
Month-on-month, Kuwait’s general wholesale prices rose 0.1 percent. Both imported goods and locally produced goods saw a 0.1 percent rise in prices.
Kuwait’s agriculture and fishing wholesale prices rose 0.1 percent compared to May 2024 due to a 0.2 percent increase in crop and animal production prices. Meanwhile, mining and quarrying prices declined 0.3 percent month-on-month. The manufacturing sector, however, saw a 0.1 percent rise in prices due to an uptick in production prices of food, apparel, and chemicals.
Month-on-month, prices of consumer goods rose 0.1 percent and prices of capital goods gained 0.3 percent.
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