Mubasher: Kuwait's inflation rate grew by 1.9% year-on-year (YoY) in March 2020, according to data released by the Central Statistical Bureau (CSB).
Month-on-month (MoM), the Kuwaiti consumer price index (CPI) advanced by 0.09% last month.
The food and beverages sector was the key contributor to the CPI growth by 2.79% YoY during March. Likewise, the tobacco and cigarettes sector went up by 1.3% YoY.
Prices of the clothing group increased by 2.84% annually, whereas the index of the housing services sector inched down by 0.17% YoY.
Home furniture and health groups rose by 2.86% and 2.23%, respectively. However, transport prices dropped by 3.55% on an annual basis.
In addition, prices of the communication, entertainment and culture, and education sectors levelled up by 4.09%, 3.2%, and 2.8% annually, respectively.
The prices of the restaurants and hotels sector, as well as the commodities and diverse services sector, grew by 1.32% and 4.01% YoY, respectively.
It is worth pointing out that the CPI is a tool that measures the prices on either a monthly or a yearly basis. It is also crucial for countries in measuring the economic growth or recession, hence, to facilitate making economic and trade decisions and mapping out monetary and financial policies.
