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Monday, 23 November 2009 00:04 UAE time

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Kuwait inflation to 'normalise', minister claims

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 29 April 2008
COMING DOWN: Inflation in Kuwait will come down despite higher state spending, Al-Shamali said. (Getty Images)
COMING DOWN: Inflation in Kuwait will come down despite higher state spending, Al-Shamali said. (Getty Images)

Kuwait expects inflation levels to "normalise" even if state expenditure is higher this fiscal year after hiking public sector wages, the finance minister said on Monday.

"Even if the budget rises inflation will still normalise," Mustapha Al-Shamali told reporters when asked whether projected expenditure of 18.5 billion dinars ($69.50 billion) for the 2008/09 budget would drive up inflation.

Inflation hit a record of 9.5% in January as costs for food and rents surged, according to government data obtained by newswire Reuters on Thursday.

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Inflation was driven by food costs, higher oil prices and rents, the minister said, adding that the government was working hard to provide the necessary basic goods. (Reuters)

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