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03 December 2023

Kuwait inflation stays close to record on house costs

By Agencies


Annual inflation in Kuwait, the only Gulf Arab state to drop its peg to the dollar, stayed close to a record in November at 6.7 per cent on rising housing and food costs, according to government data received on Monday.

The All Items Consumer Price Index advanced to 121.4 points on November 30, compared with 113.8 points a year earlier, the data showed.

Housing costs jumped 12.6 per cent and food 4.4 per cent, the data showed. Transport and communication prices advanced 2.6 per cent, and clothing and footwear 12.7 per cent.

Inflation on Kuwait rose to a fresh record of 7.3 per cent in October, after crossing 6 per cent the month before.

Kuwait on Monday let its dinar rise for a third trading day to an all-time high against the dollar as the US currency plunged on concerns the financial crisis in the United States will deepen.

Kuwait dropped its peg to the dollar in May, citing the weakening US currency as a reason for rising inflation.

The dinar will trade 0.38 per cent higher around a mid-point of 0.26600, compared with 0.26700, the central bank said on Monday, bringing its cumulative gain since dropping its peg to the dollar in May to 8.7 per cent. (Reuters)