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Kuwait’s inflation rate climbs to 3.33 per cent in March

The consumer prices index of tobacco and narcotics rose in March by 11.87 per cent year-on-year and by 0.13 per cent month-on-month.

The annual inflation in Kuwait climbed to 3.33 per cent in March year-on-year compared with the same month of last year, reports Kuwait News Agency (KUNA) citing a report.

According to the Central Statistical Bureau (CSB), this represents an increase by 0.74 per cent month-on-month in March 2015 more than its levels last February.

The reports adds that the index figure witnessed, during March 2015, an increase in seven major groups that influence the movement of indices and witnessed a decrease in four groups. Only one group – communication – remained unchanged month-on-month.

In the report, the most consumed materials, services and goods are distributed under individuals and families into 12 main groups, according to the individual consumption classification recommended by the United Nations Statistics Division.

The report states that the index of the first main group (food and beverage) rose last March by 1.72 per cent compared to the same month of 2014, whereas the group rose by 0.14 per cent on a monthly basis compared to last February.

The prices of six sub-groups within the group (food and beverage) rose on a monthly basis compared to last February, while three groups experienced a decrease in their prices and one group stabilised, it adds.

The consumer prices index of tobacco and narcotics rose in March by 11.87 per cent year-on-year and by 0.13 per cent month-on-month.

CSB notes that the CPI of the third main group (clothing and footwear) dropped by 0.31 per cent year-on-year and by 0.08 per cent month-on-month, while inflation rose in the fourth main group (furnishing equipment and household maintenance) by 3.95 percent year-on-year and by 0.42 percent compared with last February.

In the fifth main group (health), inflation rose in March by 2.07 per cent on an annual basis and the index increased for the sixth main group (transport) by 0.81 per cent on an annual basis.

It adds that the CPI of communications increased by 0.10 per cent year-on-year and remained unchanged month-on-month, at a time when the inflation rate rose for the eighth major group (recreation and culture) on an annual basis by 0.93 per cent.

Inflation in the ninth main group (education) increased on an annual basis by 5.23 per cent.

Inflation also rose in the tenth main group (restaurants and hotels) on an annual basis by about 5.12 per cent.

The reports adds that inflation in miscellaneous goods and services increased by 2.59 per cent year-on-year and by 0.15 per cent month-on-month, while the CPI of housing services surged upwards by 6.35 percent year-on-year and by 2.18 per cent month-on-month.