Kuwait Inflation Hits 3.02%: Rising Costs Squeeze Expats and Locals
Kuwait: Kuwait’s consumer prices climbed 3.02% year-on-year in March 2024, according to the Kuwait Central Statistical Bureau (KCSB). This marks a monthly increase of 0.38%.
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The rise in food and beverage prices is a major contributor to inflation, with a jump of 5.71% compared to March 2023. Other sectors experiencing significant growth include clothing (6.37%), housing services (1.41%), and furniture (3.90%).
“The Consumer Price Index (CPI) is a measurement that examines prices on a monthly or annual basis,” the KCSB stated. “It serves as a key indicator for economic growth and recession, informing policymakers’ decisions on economic and financial policies.”
The report highlights a concerning trend, particularly with the substantial rise in food prices. This could lead to financial strain for Kuwaiti residents, especially those on fixed incomes. The Central Bank may need to consider implementing measures to curb inflation and ease the burden on consumers, reported KUNA.
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