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09 December 2023

Inflation may slow in Kuwait this year

By Agencies

Kuwait, the third-largest producer of oil in Opec, will have slowing inflation in the first half of 2009 as spending and commodity prices decline, the National Bank of Kuwait said.

Inflation may ease to less than six per cent this year in the country, from record double-digit figures last year, the bank said yesterday in an e-mailed report. "Kuwait is witnessing the same phenomena and perceptions as the rest of the world: slower spending and lower commodity prices," the lender said.

Kuwait's inflation rate accelerated to a record 11.6 per cent in August from 11.1 per cent in July as food prices and the cost of housing rose. Food prices increased an annual 13.6 per cent in August, an official said on November 25. "Inflation stopped accelerating early in 2008 and it is heading to six per cent or less this year," the bank said.