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Kuwait M2 money supply 3.65% y-o-y in Aug-23

- Kuwait's M2 money supply grew by 3.65% year-on-year in August 2023, the lowest growth rate since July 2022.
- The growth rate is 1.37 percentage points below the 1-year average and 2.94 percentage points below the long-run average.

Kuwait CPI inflation 3.82% y-o-y in Aug-23

- Kuwait's CPI inflation accelerated to 3.82% year-on-year in August 2023, surpassing the previous month's rate of 3.75%.
- This is the highest level of inflation since June 2023 and stands significantly above both the one-year average (by 0.34 percentage points) and the long-run average (by 0.67 percentage points).

Kuwait CPI inflation 3.75% y-o-y in Jul-23

- Kuwait's CPI inflation was recorded at 3.75% year-on-year in July 2023, reflecting a slight decrease from the previous month's rate of 3.83%.
- This July figure represents the lowest growth in inflation since May 2023 and is higher than both the one-year and long-run averages by 0.24 and 0.60 percentage points, respectively.

Oil: On the Other Hand…

• A 15% increase in the price of Brent since early July re-energised the oil bulls. However, forces continue pulling in both directions, suggesting that a price in the US$80-90pb range at year-end is still more likely than USD100.

By Alastair Newton