Kuwait: Inflation increases in April
Inflation edged up to 3.2% in April, above March’s 3.0%. The reading was well below the average for the Middle East and North Africa, but above the average for Gulf Cooperation Council (GCC) members. Looking at the details of the release, prices for food and transport increased at faster paces in April.
Annual average inflation edged down to 3.5% in April (March: 3.6%).
Lastly, consumer prices rose 0.30% over the previous month in April, a smaller increase than March’s 0.38% rise.
On the reading and outlook, National Bank of Kuwait analysts said:
“Year-on-year inflation in half of the main CPI components rose, and in the other half was steady or fell, including clothing and household furnishings, the two largest contributors to core inflation’s annual growth so far this year. Amid softer consumer demand, we expect headline inflation to trend gradually lower over the remainder of the year.”