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Kuwait's inflation up to 3.3 pct '15 - NBK

KUWAIT, Feb 9 (KUNA) -- Kuwait's annual inflation averaged have risen to 3.3 percent in 2015, compared with 2.9 percent in 2014, mainly due to stronger gains in housing inflation, a report by the National Bank of Kuwait showed Tuesday.
The report noted that the inflation in consumer prices eased for the third consecutive month in December as price growth in most major components was steady.
"Headline inflation slowed to 3.0 percent year-on-year (y/y) from 3.1 percent in November; core inflation (which excludes food items) also eased in December, slowing to 2.6 percent y/y from 2.8 percent y/y in November," reads the report.
It added that inflation in local food prices edged up slightly in December even as global food prices continued to fall.
"Food prices were up by 4.6 percent y/y compared to 4.3 percent y/y in November. Meanwhile, international food prices were down by 8.4 percent y/y in December according to the Commodity Research Bureau's global commodity index." The NBK projected that local food inflation are expected to be limited in the near-to-medium term as global food prices are poised to continue to decline.
It also unveiled that inflation in housing services edged up in December after easing in recent months.
"Housing service prices, which primarily reflect housing rent, grew by 6.0 percent y/y in the final quarter of 2015, up from 5.7 percent in September. Inflation in this segment made some strong gains in 2015, though it has eased from its level in the middle of the year," reads the report.
Meanwhile, the NBK data showed that inflation in education rose from 2.7 percent y/y in November to 3.5 percent y/y in December, amid higher tuition costs. (end) fnk.ibi