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Thu 30 Dec 2010 09:53 AM

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Kuwait inflation at 22-month high

Inflation in the world's fourth largest oil exporter, has been accelerating this year

Kuwait inflation at 22-month high
ECONOMY WATCH: In Kuwait, inflation hit a 22-month high on a yearly basis in November (Getty Images)
Kuwait inflation at 22-month high
(Getty Images)

In Kuwait, inflation hit a 22-month high on a yearly basis in November, reaching 5.9 percent after a 5.1 percent rise in the previous month.

Inflation in Kuwait, the world's fourth largest oil exporter, has been accelerating this year as the oil-reliant economy recovers from last year's sharp contraction. Consumer prices last rose by an annual 5.9 percent in February 2009.

On the month, prices in the OPEC member rose 0.6 percent following a 0.1 percent dip in October, the state news agency KUNA reported, citing official figures.

Food costs, which account for 18 percent of the Kuwaiti basket, jumped to 1.6 percent in November after falling 0.3 percent in the previous month.

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