Kuwait’s inflation rate to average 3% in 2014

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Upward pressure on Kuwait?s overall inflation rate will lead it to average 3.0 percent year-on-year in 2014, predicts a local report. Inflation in the consumer price index (CPI) rose from 2.7 percent year-on-year in April, to 2.9 percent y/y in May, the National Bank of Kuwait said on Wednesday. The slight rise in inflation was mostly driven by core inflation (excluding food), which also climbed from 2.7 percent y/y in April to 2.9 percent y/y in May, making it currently on par with the overall inflation rate. The rise in core inflation primarily stemmed from y/y rises in clothing and footwear prices and furnishing and household maintenance costs.

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