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Kuwait inflation eases to 2.8% in May

28 Jun 2012

(MENAFN) Kuwait’s consumer prices saw a slowdown to a 25-month low in May as food prices dropped, state news agency KUNA reported.

According to the Central office of Statistics, annual inflation rate stood at 2.8 percent last month year-on-year, while prices eased slightly on monthly basis, KUNA said.

The oil-rich Gulf country saw inflation drop gradually. It stood at 3.3 percent in April, down from a peak of 5.4 percent in May 2011.

The official data showed that consumer prices fell 0.1 percent month-on-month in May, compared to a 0.6 percent drop in April.

In May, food costs, which account for almost a fifth of Kuwait consumer expenses, fell 1.3 percent month-on-month, following a 2.6 percent drop in April, while transport prices rose a slight 0.1 percent from the previous month.

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