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FINANCIAL NEWS
Kuwait’s July annual inflation 4.6%
06 Sep 2011
(MENAFN) Kuwait’s Central Statistics Office said that due to increasing food and transport prices, in July, the country’s annual inflation was 4.6 percent, reported Reuters.
The office added that driven by growing global commodity prices, higher government spending and a weak dollar, in 2011, inflation in the Gulf country would be expected to grow higher.
It also said that food costs, which represented 18 percent of the country’s consumer expenses went up by 0.2 percent on a monthly basis in July after they fell 0.6 percent in June, furthermore, transport and communication prices rose 0.1 percent from the previous month.
It is worth noting that although price growth in the country remains under the 11.6 percent recorded in August of 2008 during the oil fueled boom, Kuwait still has one of the highest annual inflation rates in the Gulf, coming at the second place after Saudi which annual inflation reached 4.9 percent in the month of July.
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