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Kuwait May inflation hits 5-month high

Kuwait, June 26, 2011

Kuwait's annual inflation edged up to a five-month high of 5.4 percent in May, the Gulf country's state news agency Kuna reported on Sunday, quoting statistics office's figures.

The consumer prices grew 0.3 per cent month-on-month in May, up from a 0.2 per cent rise in the previous month, the data also showed.

Analysts expected prices in the world's fourth largest crude exporter to go up this year helped by a rise in global food and commodity costs as well as the government's social handouts.

The Opec member's economy is seen growing by 4.4 per cent this year helped by robust crude prices and increased government spending.

Analysts polled by Reuters in June expected average inflation of 5.1 per cent this year, up from 4 per cent last year.

Central Bank Governor Sheikh Salem Abdul-Aziz al-Sabah said in March that he expected inflation of 5 to 6 per cent in 2011.-Reuters




Tags: inflation | Kuwait | Consumer prices |

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