Kuwait – Mubasher: Inflation in Kuwait’s consumer prices remained unchanged at 3.1% year-on-year in July, according to a recent report issued by NBK.
Core inflation, excluding food prices, was also unchanged yet somewhat higher at 3.5% y/y.
NBK expects “inflation to average around 3.0% in 2016, slightly lower than the 3.3% recorded in 2015.”
Inflation in the furnishings & household sector fell at 2.6% y/y in July. Inflation in clothing & footwear costs saw some gains in July, but remained weak at 0.5% y/y.
Inflation in restaurants & hotels in Kuwait remained unchanged from June’s seven-month high of 4.1% mainly due to seasonality, NBK noted.
“Prices in the transportation sector fell for the seventh consecutive month in July. Transportation costs fell by 1.9% y/y,” NBK said, adding “Inflation in services, which is predominantly driven by housing rent inflation, plateaued at 5.1% y/y in July.”
