INFLATION IN KUWAIT HAS SKYROCKETED

  • 14/06/2022

Kuwait City: Capital Economics confirmed in a recent analysis that Kuwait had profited from Russia's assault on Ukraine. It stated that Kuwait increased its oil production during the first quarter of this year, and that increase was reinforced during the month of April in conjunction with the high prices, when commenting on the Gulf countries' benefit from the global geopolitical situation, which pushed oil prices to record levels.


The analysis emphasised the huge spike in inflation in Kuwait, which reached 4.4 percent on an annual basis, the highest level in over a decade, and thus recorded the highest inflation level among the Gulf countries compared in the report.

Before COVID-19 pandemic in 2019, the inflation rate in Kuwait was lower than that of Bahrain and Oman. Regarding the rest of the Gulf countries, the report indicated that Saudi Arabia recorded an accelerating growth rate in the first quarter of this year, on the background of the rise in oil prices to record levels.

    

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