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Kuwait’s inflation rises 3.17 percent

KUWAIT: The consumer prices on an annual basis grew by 3.17 percent in July, according to Kuwait Central Statistical Bureau. In a statement to KUNA yesterday, the bureau indicated that inflation rate in Kuwait increased by 0.25 percent on a monthly basis due to rise of prices of some main groups that influence movement of the key indices.

It added that the consumer price index (CPI) for the food and beverage group rose by 10 percent last July in comparison to the same period last year, whereas the cigarette and tobacco group remained the same at 135 point on an annual basis. The clothing group rose by 6.52 percent and housing services increased slightly by 0.17 percent, while furnishings climbed to 3.7 percent.

As for medical group, it rose by 2.27 percent and transportation surged by 5.4 percent. The communications group increased by 4.6 percent, and recreation and culture surged by 8.25 percent, whereas education group declined by 15.46 percent. Restaurants and hotels increased on yearly basis by 0.9 percent.

The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services, and is used for identifying periods of inflation and deflation. – KUNA


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