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Kuwait's inflation at 3.3% in May – NBK

Kuwait's inflation at 3.3% in May – NBK
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Kuwait's consumer price index (CPI) inched down by 3.3% year-on-year in May from 3.4% in April amid a slowdown or stabilization across all components, with the exception of healthcare and local food inflation, said a recent specialized economic report compiled by the National Bank of Kuwait (NBK).

Local food inflation in Kuwait climbed at a gradual pace for the third consecutive month, but remains relatively low, noted NBK.

Meanwhile, NBK expects the local food inflation to remain soft in the second half of 2015 and correct lower, as the well-positioned Kuwaiti dinar projected to limit any significant inflationary gains.

Subsequently, NBK still forecast an average annual inflation rate close to 3.5% in 2015.

Core inflation (CPI excluding food items) eased for the second consecutive month in May, from 3.7% y-o-y in April to 3.5%, added the report.

On an annual basis, inflation in the local food price index edged up from 2.3% in April to 2.6% in May, while global food prices declined by 17.5%.

Inflation in housing services was unchanged in the April-May period at 6.3% y-o-y, noting that Housing inflation rose to an almost six-year high in March on healthy demand levels and expected to subside later in 2015.