You are hereHome CategoriesKuwait
Kuwait April inflation at 4-month low on drop in food prices
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri June 1, 2012 10:39 am

KUWAIT. Kuwait's annual inflation eased to a four-month low of 3.3% in April and prices fell on a monthly basis for the first time in more than a year due to a drop in food prices, state news agency KUNA's data showed on Thursday.

Inflation in the major oil exporter edged up to 4.1% in March after easing gradually from a peak of 5.4% in May 2011.

Consumer prices in the OPEC member's $177 billion economy contracted 0.6 percent month-on-month in April, compared to a 0.8 percent rise in March, KUNA said citing data from the Central Statistics Office.

Analysts polled by Reuters in March expected average inflation of 4.5 percent in 2012, down from a three-year high of 4.8 percent last year.

Food costs, which account for almost a fifth of Kuwait consumer expenses, fell by 2.6 percent month-on-month in April, back down to February's levels after a similar jump in March. Transport prices edged up 0.2 percent from the previous month.

Around 3,000 Kuwaiti customs workers went on a week-long strike in March, which disrupted traffic at ports, demanding salary increases despite the government plan for a 25 percent rise in public wages. Employees at national carrier Kuwait Airways grounded planes for three days during a walkout.

Kuwait's civil service commission eventually agreed to wage rises of 25 to 30 percent for public sector employees. It also proposed increases of up to 330 Kuwaiti dinars ($1,190) per month for Kuwaiti private sector workers.

While the country's oil wealth enables it to absorb a spike in earnings in the short term, policymakers and economists warn price pressures will mount if settlements do not moderate.

Most Kuwaitis work for the state in well-paid secure jobs. Around two-thirds of Kuwait's roughly 3 million inhabitants are foreigners.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 15, 2014
INTERNATIONAL. The German Federal Constitutional Court is the final interpreter of constitutional law. Accordingly, it has the last word on the legality of any treaties, agreements or actions undertaken by Germany at the European level.
date:Posted: April 15, 2014
INTERNATIONAL. International issuances represented only 16% of total issuances in 2013, of which few originated outside Malaysia and the GCC; When entities domiciled outside these countries have issued sukuk, around 60% of the investors have been from the Middle East and Asia.
date:Posted: April 15, 2014
UAE. New Oracle and Accenture Study declares the modern CFP a technology evangelist who recognizes the value of digital and cloud technologies for the finance function and the business as a whole, but a gap remains between CFO ambitions and reality.
INTERNATIONAL. International issuances represented only 16% of total issuances in 2013, of which few originated outside Malaysia and the GCC; When entities domiciled outside these countries have issued sukuk, around 60% of the investors have been from the Middle East and Asia.
dhgate