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Kuwait domestic inflation increased by 4.36 percent

KUWAIT: Consumers Price Index (CPI) increased in Kuwait by 4.36 percent in March 2022 on annual basis compared with the same period in 2021, said the Central Statistical Bureau (CSB) on Thursday. A statement by CSB, obtained by KUNA, revealed that the CPI increased monthly to 124.4 by 0.24 percent, because of high prices of major groups in the movement of the indices.

The statement provided the annual price movement for March 2022, saying that food and beverages increased by 7.18 percent from the numbers from March of 2021. It added that cigarettes and tobacco stood still with at 135.0 points. Clothing and footwear prices increased by 6.13 percent, while housing services went up by 2.26 percent.

The CSB revealed that Furnishing and Equipment Household maintenance went up by 2.19 percent, adding that Health increased by 1.78 percent. Transport increased by 4.82 percent, communication by 2.39 percent, recreation and culture by 3.37 percent, and Education by 18.95 percent, said the CSB. Restaurants and Hotels went up by 2.85 percent, Services and Miscellaneous goods at 3.59 percent.

Meanwhile, Kuwait oil price down 21 cents on Wednesday to $112.21 pb, a decrease from $112.42 pb the day before, Kuwait Petroleum Corporation (KPC) reported on Thursday.  The price of the OPEC crudes increased by 84 cents to settle on $109.02 per barrel on Wednesday compared to $108.18 pb last Tuesday. According to OPEC bulletin, the average oil price of the OPEC basket in 2021 was at $9.89 per barrel.

OPEC said that the prices of crude oil, including OPEC crudes, in March increased by $20 per barrel for the third month in a row based on the escalating geopolitical situation in Eastern Europe and fears of possible major shortage in oil supplies. The oil futures contracts prices witnessed high fluctuations due to the uncertain short-term expectations of oil supply and demand, noting that the price of OPEC Reference basket increased by $19.53 to settle at $113.48 per barrel.

Ministers of energy in OPEC+ alliance concluded in the 28th meeting held on March 31st to continue increasing oil supplies by 432,000 bpd during the upcoming month of June. OPEC+ countries were able to restore output of two thirds of production that stopped during the first stages of Coronavirus (COVID-19). – KUNA

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