Mubasher: The inflation rate in Kuwait is expected to average below 2% in 2017, down from 3.5% in 2016.

The inflation rate of the consumer price index (CPI) seemed steady in July in line with the inflation in June, according to a recent report issued by the National Bank of Kuwait (NBK).

Inflation remains at multi-year lows at 1.3% year-on-year (y/y), mainly due to deflationary housing rent and weak food inflation, the NBK said.

The NBK’s report noted that if transportation costs are excluded, inflation in Kuwait is forecast to be somewhat milder at 2.3% y/y.