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FINANCIAL NEWS
Kuwait consumer prices rise 0.8% in March
14 Jul 2010
(MENAFN) Reuters reported that Kuwait’s consumer prices rose 0.8 by percent month-on-month in March, lifted by rising food and housing costs, after falling 0.3 per cent in February.
Gulf consumer price growth is expected to pick up speed again this year as economies in the world’s largest oil- exporting region recover from the 2009 slowdown, but analysts expect mostly low single digits due to sluggish credit growth.
On the year, consumer prices in Opec member Kuwait rose 2.9 percent in March, continuing an upward trend after touching a three-and-half year low of 1.6 percent in November.
Housing prices, which have the largest weight of 27 percent in the overall basket, rose 1.42 percent month-on-month in March, after staying flat for two months in a row.
Food prices, which account for 18 percent of the basket, grew by 0.7 percent month-on-month, following a 0.3 percent decrease in February.
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