Arab News: Kuwait’s consumer price index increased by 3.8 percent in October compared to the year-ago period, driven by high prices across multiple sectors, government data showed.
According to the country’s Central Statistical Bureau, CPI rose 0.38 percent to 131.2 points in October from 130.7 points in September, with multiple sectors recording a significant price increase.
Among the notable commodity groups, the clothing and footwear category saw an annual 6.98 percent increase, while the food and beverages group rose by 5.71 percent.
Additionally, the prices of miscellaneous goods and services increased by 4.23 percent.
The restaurant and hotel category advanced by 3.54 percent, while the cultural and recreational group witnessed a 2.73 percent rise.
Housing services also experienced a 3.13 percent increase.
CPI reflects the country’s changes in the cost of living and carries implications for both businesses and consumers.
In September, CPI recorded a 3.73 percent annual boost and a 0.31 percent month-on-month gain.
Food and beverage increased by 5.68 percent in September compared to the same month last year, clothing and footwear rose by 7.10 percent, and the prices of miscellaneous goods and services increased by 4.32 percent.
Housing services also experienced a 3.13 percent increase.
In August, the annual inflation rate was 3.82 percent.
These changes have implications for consumers and businesses alike, highlighting the need for careful monitoring and effective inflation management strategies by policymakers.
“The consumer price index is one of the most important economic indicators to follow up the business condition and the economic situation in Kuwait,” said the CSB report for September.
The report added: “This indicator is also an essential element to follow the overall price movements in retail markets.”
To control inflation rates, the central bank raised the discount rate in July by about 25 basis points to 4.25 percent instead of 4 percent, in line with the decision of the US Federal Reserve to raise interest by a quarter of a percentage point.
https://www.arabnews.com/node/2411986/business-economy
