KUWAIT CITY, Oct 2: Kuwait’s consumer price index (inflation), on an annual basis, grew by 2.92 percent last August, according to the Kuwait Central Statistical Bureau (KCSB). In a statement to KUNA on Wednesday, the bureau said the inflation rate rose 0.97 percent, compared to last July -- monthly. It attributed the rise of inflation, yearly, to the increase of the rates of the major groups that affect the benchmarks, namely clothes, food, and education.

The benchmark of the first group (food and beverages) went up by 5.96 percent in July, compared to the same month in 2023, while the price index of the second group (cigarettes and tobacco) inched up by 0.15 percent, yearly. The consumer price index (CPI) for the clothing group increased by 5.76 percent, housing services by 0.91 percent and furniture by 3.17 percent. The health index went up by 0.49 percent, in August compared to the corresponding month of the past year, while rates of transport moved up by 2.37 percent on an annual basis compared to the same month in 2022.

Communications moved up by 2.37 percent year-on-year, culture and entertainment rose by 2.19 percent, and education by 0.96 percent. Restaurants and hotels climbed yearly by 2.52 percent, in August, with services and miscellaneous goods rising by 5.25 percent, it said. The consumer price index (inflation), excluding food and beverages, recorded a hike of 2.35 percent in August -- on an annual basis. CPI is a measurement that examines prices on a monthly or annual basis. Generally, it constitutes a basic index for growth and economic recession. (KUNA)