Kuwait inflation rate witnesses yearly increase in June
Date
7/21/2024 9:01:53 AM
(MENAFN) In June, Kuwait experienced a rise in its inflation rate on an annual basis. According to data released on Sunday by the Central Statistical Department, the general consumer price index in Kuwait increased by 2.84 percent compared to the same month last year. This annual inflation surge was primarily driven by significant price hikes in key index groups, notably the food and beverage sector, which saw a rise of 5.60 percent, and the clothing and footwear sector, which increased by 5.58 percent. At the lower end of the spectrum, the cigarettes and tobacco group experienced a modest annual growth of just 0.15 percent.
On a month-to-month basis, the inflation rate in Kuwait also showed a slight increase of 0.22 percent in June. This monthly uptick was attributed to the price growth in ten main groups, with the health sector leading the way with a notable increase of approximately 0.99 percent. In contrast, the prices for the cigarettes and tobacco and communications groups remained stable, showing no change from the previous month. This data highlights the varying dynamics within different sectors of Kuwait's economy, contributing to the overall inflationary trends observed during this period.
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