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Inflation surges to highest on record

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 04 December 2007
(Getty Images)
(Getty Images)

Annual inflation in Kuwait surged to the highest on record in September, jumping to 6.2% as housing, food, and transport and communication costs accelerated.

Housing costs, the most heavily weighted item in the All Items Consumer Price Index, surged 12.6%, while food costs rose 3.7%, and transport and communications 5.6%, according to data from the government's Central Statistics Administration received on Tuesday.

The inflation rate is the highest on record, according to central bank statistics dating to December 1994.

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Kuwait, the only Gulf Arab state whose currency is not pegged to the dollar, cut interest rates twice in September, once before a cut in the US and again after. (Reuters)

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