Global Arab Network | Kuwait annual inflation hits 11-month low in July

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Kuwait annual inflation hits 11-month low in July

Global Arab Network - - Ahmed Gamal

Tuesday, 06 September 2011 14:16

Global Arab Network - Kuwait’s annual inflation eased to an 11-month low of 4.6% in July and edged up only slightly from the month before on higher food and transport prices, data showed, and analysts said they expect price pressures to stay muted.
Inflation in the Gulf, the world’s top oil-exporting region, is expected to creep higher this year on robust global commodity prices, a weak dollar and increased government spending following political turmoil across the Arab world.
In Kuwait, inflation had been hovering above 5% since reaching almost a two-year high of 6% in December 2010, though it subsided to 5.0% in June.
On the month, consumer price growth slowed to 0.1% in July from 0.2% the previous month, data from the Gulf Arab country’s Central Statistics Office showed.
“The July reading confirms a very benign inflationary situation, with prices essentially unchanged compared with June,” said Liz Martins, senior Mena economist at HSBC in Dubai. “The August number could come in higher, thanks to the Ramadan effect, but the underlying picture is of very low level price growth,” she said.
Food prices usually rise during the holy month of Ramadan, which ended in August, as families enjoy more elaborate evening meals after fasting during the daylight hours.
Kuwait has one of the highest annual inflation rates in the Gulf, second only to Saudi’s 4.9% in July, although price growth remains well below a record high of 11.6% seen during an oil-fuelled boom in August 2008.

Global Arab Network

Read More: Click Here http://arabia.msn.com/Business/News/GF/KSA/2011/September/8958180.aspx

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Last Updated on Tuesday, 06 September 2011 15:04

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