Inflation rate jumps 3.7 percent in March

The Central Statistical Administration has reported that the consumer price index, which measures inflation, in Kuwait increased by 3.7% on an annual basis in March, Kuwait News Agency reported.

According to a statement by the Statistics Authority, the rise in prices of all major groups, particularly foodstuffs and education, contributed to a monthly increase of 0.7% in March.

The index for food and beverages rose by 7.46% compared to March 2022, while the prices of cigarettes and tobacco rose by a slight 30% on an annual basis. The prices for clothes, housing services, home furnishings, health, transport, communications, entertainment and culture, and miscellaneous goods and services all increased in March compared to the same month in 2022.

The consumer price index is an important tool for measuring price levels and is a basic indicator for measuring economic growth or contraction, which can inform economic and commercial decisions and draw financial and monetary policies.