Inflation Increased By 4.42% In June Due To Commodity Price Increases

03 August 2022 Economics

Kuwait's consumer price index (inflation) increased by 4.42 percent in June, according to the Central Administration of Statistics. According to Kuwait News Agency (KUNA), Kuwait's inflation rate rose by 0.40 percent on a monthly basis due to increases in the prices of several major commodities, especially foodstuffs and education, therefore affecting index numbers.

On an annual basis, the index of the first group (food and beverages) rose by 8.04 percent compared to the same month in 2021, while the index of the second group (cigarettes and tobacco) remained at 135 points. Inflation rates in the third group (clothing) increased by 6.15 percent, while prices in the housing services group increased by 2.17 percent, while the inflation rate in the fifth group (home furnishings) increased by 2.18 percent.

As compared to the same month of 2021, the prices of the sixth group (health) increased by 2.13 percent, while those of the seventh group (transportation) increased by 3.77 percent. Statistically, prices in the eighth group (telecommunications) rose by 2.29 percent on an annual basis. In the ninth group (entertainment and culture), prices rose by 3.78 percent, while in the tenth group (education), prices increased by 19.05 percent. The prices of the (restaurants and hotels) group increased by 2.67 percent last June, while the prices of the (miscellaneous goods and services) group increased by 3.21 percent.

By using the consumer price index, the state can take economic and commercial decisions and formulate financial and monetary policies based on the level of prices during a particular period, either monthly or annually.

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