According to the State of Kuwait Central Statistical Bureau (KCSB), consumer prices in Kuwait experienced a year-on-year growth of 3.69% in May. The KCSB stated that the inflation rate in the country rose by 0.15% on a monthly basis, driven by price increases in key sectors such as food, education, and clothing.
In May, the price index for the food and beverages group witnessed a significant surge of 6.85% compared to the same period in 2022. The second group, consisting of cigarettes and tobacco, also saw a slight rise of 0.30% on an annual basis. The clothing group’s consumer price index (CPI) recorded an increase of 6.80%, while housing services experienced a rise of 2.55%. Furnishings witnessed an inflation rate of 2.37%. The health index rose by 2.45%, and transportation rates moved up by 2.99% compared to May 2022. Communication prices rose by 1.33% annually, while culture and entertainment saw an increase of 2.84%. The education sector experienced a moderate rise of 0.48%.
Restaurants and hotels recorded a yearly increase of 3.49%, while services and miscellaneous goods saw a rise of 4.01%. Excluding food and beverages, the inflation of the Consumer Price Index (CPI) in May stood at 2.92% on an annual basis. The CPI is a crucial measurement used to analyze price movements on a monthly or annual basis. It serves as a fundamental indicator for economic growth and recession, enabling decision-makers to make informed choices regarding financial and monetary policies.
The KCSB’s report highlights the impact of rising prices across various sectors in Kuwait, particularly in food, education, and clothing. These price increases contribute to the overall inflation rate and are closely monitored by policymakers and economists for their implications on the economy.