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Kuwait inflation reaches record high level
(Reuters)
5 December 2007
5 December 2007
KUWAIT — Annual inflation in Kuwait jumped to 6.2 per cent in September, the highest on record, as soaring oil prices fuelled economic growth, and analysts said the rate would have been even higher had the Gulf state not allowed its currency to revalue.
Housing costs, the most heavily-weighted item in the All Items Consumer Price Index, surged 12.6 per cent, while food costs rose 3.7 per cent, and transport and communications 5.6 per cent, according to data from the government's Central Statistics Administration received yesterday.
The inflation rate is the highest on record, according to central bank statistics dating to December 1994. Inflation in August was 4.8 per cent.
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