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FINANCIAL NEWS
Kuwait’s 2011 inflation up to 4.8%
26 Jan 2012
(MENAFN) Kuwait’s Central Statistics Office said that last year, inflation rose 4.8 percent from 4 percent in 2010, recording the highest level in three years, reported Arab News.
The agency added that in December, consumer prices rose by 0.5 percent, the fastest increase in three months, with food prices, which represent 18 percent of consumer expenses, growing by 1.1 percent month-on-month, rebounding from a rise of 0.1 percent in the previous month.
It also said that housing costs, accounting for over a quarter of consumer expenses, went up by 0.8 percent in December, after staying flat in the previous two months.
It is worth noting that in January 2011, the Kuwaiti government announced plans to spend around USD5 billion, that’s nearly 4 percent of its gross domestic product (GDP), on cash grants and free food rations for its citizens.
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