RIYADH: Driven by high prices across multiple sectors, Kuwait’s consumer price index increased by 3.69 percent in May 2023 compared to the same period last year, according to a report from the country’s Central Statistical Bureau.
The data revealed that Kuwait’s CPI increased by 0.15 percent month on month to reach 129.4 points in May, with multiple sectors recording a major increase in prices.
The rise was led by price hikes in the food and beverages sector, which saw a 6.85 percent increase year on year, as well as a more modest 2.55 percent increase in the housing services segment.
The prices of clothing and footwear increased by 6.80 percent year on year while prices in the transportation sector rose by 2.99 percent in May 2023 compared to the same period last year.
Prices of miscellaneous goods and services also saw a huge uptick, rising by 4.01 percent year on year and 0.24 percent month on month.
Clothing and footwear prices saw the highest increase on a monthly basis rising by 0.61 percent in May compared to April.
Other sectors include cigarette and tobacco, which increased by 0.30 percent year on year, household furniture by 2.37 percent, education by 0.48 percent, and restaurants and hotels by 3.49 percent.
These changes have implications for consumers and businesses alike, highlighting the need for careful monitoring and effective inflation management strategies by policymakers.
“The consumer price index is one of the most important economic indicators to follow up the business condition and the economic situation in Kuwait. This indicator is also an essential element to follow the overall price movements in retail markets,” the report stated.
Kuwait’s CPI reflects the country’s changes in the cost of living and carries implications for both businesses and consumers.
In April, CPI also recorded a 3.69 percent annual increase and a 0.16 percent month-on-month rise.
Food and beverage increased by 7.68 percent in April compared to the same month last year, while clothing and footwear rose by 6.32 percent.
