FINANCIAL NEWS

Kuwait’s inflation rises to 4.4% in August

11 Oct 2010

(MENAFN) Kuwait’s Central Statistical Office said in a statement that the country’s inflation accelerated in August to its fastest pace in more than a year as the costs of food and housing increased, Reuters reported.

The inflation rate rose to 4.4 percent from 4 percent in the previous month, the highest since May 2009, according to the statistics office.

Food prices increased 10.8 percent compared with 8.5 percent in July while housing increased 4.7 percent, the same as in the previous month.

Inflation in Kuwait, the only Gulf Arab state to have dropped its currency peg to the US dollar, slowed to a three-year low of an average of 4 percent last year from 10.6 percent in 2008.

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