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FINANCIAL NEWS
Kuwait’s inflation rises to 5.9% in November
31 Dec 2010
(MENAFN) Kuwait’s government said that the country’s inflation during November of the current year reached 5.9 percent, against 5.1 percent, month on month, hitting a 22-month high, Reuters reported.
Official figures showed that inflation in Kuwait, the world’s fourth largest oil exporter, has been accelerating this year as the oil-reliant economy recovers from last year’s sharp contraction. Consumer prices last rose by an annual 5.9 percent in February 2009.
During the mentioned period, prices in the OPEC member rose 0.6 percent following a 0.1 percent dip a month earlier, and food costs, which account for 18 percent of the Kuwaiti basket, jumped to 1.6 percent in November after falling 0.3 percent in October, the figures revealed.
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