Official data showed that Kuwait's inflation index slowed to 3.22 percent year-on-year in February, compared to 3.31 percent in January.
According to data from Kuwait's Central Bureau of Statistics (governmental), the general consumer price index increased on a monthly basis by 0.16 percent in February, compared to 0.24 percent in the previous month. The data attributed the annual increase in inflation rates to the increase in all 12 commodity groups, most notably the prices of the "food and beverages" group by 7.03 percent, and the clothing group by 6.23 percent.
The prices of "entertainment and culture" group increased by 3.03 percent, "miscellaneous goods and services" by 3.65 percent, and housing services by 1.44 percent. While the health group increased by 2.72 percent, while the prices of the transport group increased by 2.94 percent.
The slowdown in annual inflation in Kuwait comes as the Central Bank of Kuwait (CBK) continues to raise interest rates. In January, the Board of Directors of the Central Bank of Kuwait decided to raise the discount rate by half a percentage point to 4 percent.
Source (Anadolu Agency, Edited)
