Kuwait’s consumer price index has risen by 3.74 per cent in July this year compared to the same period last year, driven by high prices across multiple sectors, according to a report from the country’s Central Statistical Bureau.
This increase comes despite the monthly stabilisation of prices. The general CPI remained stable at 130.1 in July, the report revealed.
Last month, the food and beverage group fell by 0.14 per cent, while four other groups, led by clothing and foot clothes, rose by 0.45 per cent.
The annual increase was led by a 7.07 per cent price hike in the clothing and footwear sector and a 5.79 per cent gain in the food and beverage sector.
These changes significantly impact consumers and businesses, highlighting the need for careful monitoring and effective inflation management strategies by policymakers.
The report noted: “The consumer price index is one of the most important economic indicators to follow up the business condition and the economic situation in Kuwait. This indicator is also an essential element to follow the overall price movements in retail markets.”
Kuwait’s CPI reflects the country’s changes in the cost of living and carries implications for both businesses and consumers.
In June, CPI also recorded a 3.83 per cent annual increase and a 0.54 per cent month-on-month rise.
Food and beverage increased by 6.25 per cent in April compared to the same month last year, while cigarettes and tobacco rose by slightly rose by 0.37 per cent.
In the last quarter of 2022, Kuwait’s retail transactions hit $4.2 billion, according to Fitch Solutions, a credit rating agency.
