Inflation up 1.26%

KUWAIT: The Consumer Prices Index (CPI) rose by 1.26 percent in July 2017 compared to the same month in 2016, the Central Statistical Bureau (CSB) said yesterday. The index figure for July 2017 recorded a decrease of 0.09 percent, compared to June, the CSB added in its monthly report. The CPI increased in nine influential groups in July, and decreased in three others. The index for the first main group (food and beverages) went up by 0.28 percent, compared to the same month in 2016.

The figure of the second main group (tobacco and narcotics) was up by 1.70 percent on annual basis and dropped on monthly basis by 0.09 percent, as the third group (clothing and footwear) rose by 2.10 on annual basis and fell by 0.47 percent on monthly basis. Inflation of the fourth group (housing services) dropped by 2.26 percent on annual basis, and that of the fifth group (furnishing equipment and household maintenance) was up by 3.41 percent. The sixth group (health) declined by 0.68 percent year-on-year, and the seventh (transport) went up by 15.46 percent on annual basis.

Meanwhile, the index for the eighth group (communication) was down by 1.09 percent on yearly basis. The ninth group (recreation and culture) went up on an annual basis by 3.38 percent and the 10th group (education) was up by 3.63 percent on annual basis. As for the 11th group (restaurants and hotels), it edged up 2.58 percent on annual basis, and the last group (miscellaneous goods and service) witnessed an annual rise of 2.15 percent.

In another development, a Kuwaiti government program paired up with Gulf Insurance Group (GIG) yesterday to interview some 50 young job hopefuls – 15 of whom were granted jobs almost instantaneously. Speaking to the press after signing a memorandum of understanding with GIG, the Secretary General of Kuwait’s Manpower and Government Restructuring Program Fawzi Al-Majdali said that it was imperative to support the private sector as it looks to hire more national employees.

He pointed out that the purpose of the government program was to ensure that the private sector would employ the lion’s share of the national workforce. The government official added that the program has developed a close rapport with an array of companies and businesses with the aim of luring young Kuwaitis to the private sector. Kuwait has introduced numerous measures to encourage its youth to join the private sector in an effort to ease the burden on the government sector. – Agencies

This article was published on 23/08/2017