Wholesale prices in Kuwait rise 1.1 per cent year-on-year

Data released by the Central Administration of Statistics on Wednesday showed that wholesale price indices in Kuwait increased by 1.1 percent on an annual basis at the end of September, driven by higher prices of both imported and locally produced goods.

The Statistics Department said in figures provided to the Kuwait News Agency (KUNA) that the rise was the result of a 0.9 percent increase in the index of imported goods and a 1.5 percent increase in the index of local goods.

On a monthly basis, the general wholesale price index rose by 0.2 percent in September compared to August, reflecting a 0.1 percent increase in imported goods prices and a 0.4 percent rise in locally produced goods, reports Al-Jarida daily.

The data showed that the main group “Agriculture and Fishing” recorded a strong annual increase of 3.6 percent, driven by a 3.4 percent rise in crop farming and livestock production activities. This was accompanied by a 1.1 percent increase in imported goods prices and a sharp 9 percent rise in local goods prices within the same group.

In contrast, the index for the “Mines and Quarries” group declined by 0.6 percent year-on-year, as a result of a 0.8 percent drop in sand and gravel prices and a 1.4 percent decrease in local commodity prices, despite a slight 0.1 percent increase in imported commodity prices.

The manufacturing industries group recorded an annual increase of 1 percent in September compared to the same month last year.

This was supported by a 0.6 percent rise in food manufacturing prices, a 1.7 percent increase in beverage manufacturing, a notable 5.2 percent surge in textile manufacturing, a 0.2 percent increase in chemical materials, and a 0.6 percent rise in electronic products and computer manufacturing.

According to the Statistics Authority, prices of final and intermediate materials increased by 1 percent and 1.6 percent respectively when measured by stage of production, while raw material prices remained stable compared to the same period last year.

In terms of final use, prices of consumer goods rose by 1.4 percent, capital goods by 0.7 percent and production materials by 0.9 percent.

The wholesale price index is considered one of the most important economic indicators for tracking economic developments in Kuwait. The Central Statistical Bureau last updated the index methodology in June 2012, using 2007 as the base year.