KUWAIT IS BRACING FOR AN INCREASE IN INFLATION, WITH A RATE OF 5.5 PERCENT EXPECTED

  • 05/06/2022

Kuwait City: Under the title "High inflation in Kuwait in 2022," the Economist Intelligence Unit of the "Economist" magazine discussed the latest data released by the Central Administration of Statistics on the Consumer Price Index, which shows that prices rose by an average of 4.4 percent during the first four months of 2022. This figure, according to the EIU, is in line with its forecasts for increased inflationary pressures in Kuwait in 2022, with annual average inflation hitting 5.5 percent. 


This is due to supply chain bottlenecks aggravated by China's initiatives to combat the Corona pandemic, as well as a global spike in material prices as a result of Russia's invasion of Ukraine, according to the magazine, which is likely to slow consumer price growth through tighter monetary policy. 

The unit added that Kuwait, like its counterparts in the region, has witnessed an increasing growth in consumer prices since 2021, and this matter was exacerbated by the global rise in materials prices in the wake of the war in Ukraine. The rise in oil prices contributed to the transportation segment, which is the fifth largest component of the consumer price index basket, recording an annual increase in prices of 4.8 percent. The unit indicated that although food price inflation, which is the second largest component of the consumer price index basket, fell to 9.1 percent from its record level of 11.5 percent in 2021, it was the second biggest contributor to inflation.

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