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Kuwait inflation hits 15-year high: official data
KUWAIT - Inflation in oil-rich Kuwait hit 7.3 percent in the first nine months of 2007, the highest figure for 15 years, the state KUNA news agency reported, citing official statistics.
The figures said the overall inflation came from price rises in products and services, notably housing (12.5 percent), education and health (12.3), drinks and tobacco (9.6), transport (7.3), clothing (5.1), food products (4.8) and other products and services (2.5).
Last October 7, Central Bank governor Sheikh Salem Abdel Aziz al-Sabah stated that the uncoupling of the Kuwait dinar from the US dollar had helped the Gulf oil emirate to reduce its inflation rate from 5.3 percent in May to 4.4 percent in June.
But he stressed it was still premature to judge the impact this would have on Kuwait’s economy and inflation.
On May 20, Kuwait had announced that its currency was now being linked to a basket of currencies, more than four years after deciding to tie it to the US dollar. It indicated that the latest move was aimed at reducing inflationary pressure.
Over the past five years, inflation rates have risen rapidly in the six Gulf Cooperation Council countries where increasing oil prices have dramatically boosted incomes.
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