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Kuwait’s inflation seen to hit 3% this year: NBK

The National Bank of Kuwait (NBK) has said upward pressure on the country’s overall inflation rate will lead it to an average of 3.0% year-on-year in 2014, Kuna has reported. Inflation in the consumer price index (CPI) rose from 2.7% year-on-year in April, to 2.9% year-on-year in May, mainly driven by core inflation (excluding food), said the lender. Core pressures are expected to remain firm in the housing sector and its related components in particular, and food prices could start to climb, NBK said.