New report sees Kuwaiti inflation at 6%

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INFLATION VIEW: The National Bank of Kuwait sees the rate stabilising to six percent during the first quarter of this year. (Getty Images)

Inflation rates in Kuwait are expected to stabilise in the first quarter of 2009 at around six percent, a new economic report has claimed.

The National Bank of Kuwait (NBK) said in an economic brief that the level of inflation was tending to decrease to around six percent after the highs reached in 2008, the Kuwait News Agency reported.

The report added that Kuwait witnessing decreases in spending and the prices of commodities as other countries globally during the worldwide credit crunch.

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On an annual basis, inflation rates would continue to drop within the upcoming months, stated the NBK, adding that if this continued, then the increase in commodities prices would be at 2.4 percent during 2009.

The NBK report also said the performance of the Kuwaiti dinar "had been strong" with the exchange of the Kuwaiti dinar with the US dollar reaching a record high in July with one dinar equalling 3.77 dollars.