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Mon 7 Mar 2011 04:33 PM

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Kuwait Jan inflation slows from 2-year highs on food

Kuwait consumer prices fall by 0.3% month-on-month, with the last such a decline seen in Feb 2010

Kuwait Jan inflation slows from 2-year highs on food
KUWAIT INFLATION: Kuwaits annual inflation eased to 5.2 percent in January from a nearly two-year high

Kuwait's annual inflation eased  to 5.2 percent in January from a nearly two-year high, while monthly living costs in the Gulf Arab emirate of Dubai dipped slightly on cheaper food, data showed on Monday.

Price pressure rose in Kuwait last year, led by food costs, pushing inflation to 6.0 percent in December, the highest rate in the oil exporting Gulf. In Dubai, inflation has been muted as lending and property sector stay weak following its debt woes.

"Generally we've seen a trend towards rising food price inflation across the region, and I'd be surprised if this was the start of a sustained decline in food prices," said Daniel Kaye, senior economist at National Bank of Kuwait.

High global food prices, which helped trigger popular revolts in several Arab countries, are one of the factors seen lifting inflation in the Gulf, which imports majority of its food needs, this year.

Kuwait consumer prices fell by 0.3 percent month-on-month, with the last such a decline seen in February 2010, as food costs dropped by 0.8 percent, data from the OPEC member's statistics office showed.

 

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