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FINANCIAL NEWS
Kuwait’s Nov inflation down to 4.2%
03 Jan 2012
(MENAFN) Kuwait’s Central Statistics Office said that in November, the country’s annual inflation slowed to 4.2 percent, recording its lowest level in 16 months, reported Arabian Business.
The agency added that housing costs, representing more than a quarter of consumer expenses, stayed flat month-on-month for the second straight month, whereas food prices eased to a 5-month low of 0.1 percent, compared with 0.3 percent in October, and transport costs rose by 0.2 percent.
It also said that Kuwait’s inflation recorded its highest rate in June 2008 when it reached 11.6 percent, as oil prices soared towards a record high of USD147 a barrel in the following month.
It is worth noting that in January, 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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