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Kuwait's inflation falls to 3% in June, the lowest since 2020

Posted on July 29, 2024 |

Kuwait’s inflation dropped below 3% for the first time in 3 years, with June CPI inflation at 2.8% year-over-year (+0.2% month-over-month), the slowest rate since November 2020, down from 3.2% in May.

Food and beverage prices increased by 5.6%, down from 6.1% in May, ending a five-month rise.

Housing services, primarily rents and the largest part of the CPI basket slowed to 0.9% year-over-year from 1.4% in May.

Core inflation, which excludes food and housing, fell to 3.1% from 3.2% in May.

Household furnishings, healthcare, education, and restaurants & hotels saw higher year-over-year increases, while transportation, communication, and recreation had slower rises; clothing & footwear and services & miscellaneous goods remained unchanged annually.

So far this year, headline inflation has averaged 3.1% year-over-year, lower than the 3.6% average in 2023.

The softening trend is expected to continue, with inflation averaging 3% in 2024 due to weak consumer demand.

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