Kuwait City, Kuwait–Kuwait’s annual consumer price index (CPI), a key measure of inflation, saw a significant increase of 3.79% in November, the Kuwait Central Statistical Bureau (KCSB) reported.
In a statement released to KUNA on Sunday, the bureau also noted a monthly inflation rise of 0.23% for the same period.
This upward trend on an annual basis was primarily attributed to rising prices across all major groups impacting key indices, especially food, education, and clothing.
The food and beverages sector experienced the most notable increase, with its index surging by 5.81% in November compared to the same month in 2022. Meanwhile, the price index for cigarettes and tobacco witnessed a more modest annual increase of 0.22%.
Further breakdown of the CPI showed a 6.86% rise in the clothing group and a 3.13% increase in housing services. Furnishings saw a jump of 2.96% in their inflation rate. The health index escalated by 2.41%, and transportation costs rose by 2.95% over the year.
Additional sectors also experienced increases. Communications edged up by 3.06% on an annual basis, culture and entertainment sectors increased by 3.54%, and education costs rose by 0.72%.
The report highlighted a 3.54% year-on-year increase in the costs of restaurants and hotels, and services along with miscellaneous goods surged by 4.14%.
Interestingly, when food and beverages were excluded, the CPI still recorded a significant annual hike of 3.38% in November.
The CPI is an essential tool for measuring price changes over time, either monthly or annually. It serves as a fundamental index for assessing economic growth and recession.
Decision-makers often use CPI data to formulate financial and monetary policies and make informed economic decisions.