|24 February, 2020

Kuwait’s inflation may rise to 2% in 2020 – NBK Report

Housing costs continued to fall in 2019

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Getty Images/Emad Aljumah

Kuwait’s inflation could increase to a moderate level ranging from 1.5% to 2% in 2020.

In the fourth quarter (Q4) of 2019, the country’s consumer price index (CPI) eased to 1.5% year-on-year (YoY) as compared to 1.7%, according to a report released by the National Bank of Kuwait (NBK) on Monday.

In 2019, inflation edged up to 1.1% from 0.6% in the previous year, in line with NBK's previous predictions. The rise was backed by higher core inflation at 2.4% from 1.9% amid healthy gains in consumer spending and a rapid rise in transportation costs.

Despite the increase in food prices over 2019, housing costs continued to decline on an annual basis as a result of continued weakness in rents.

Source: Mubasher

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