- Kuwait's CPI inflation remained unchanged at 0.2% m-o-m in January 2024, displaying stability month-on-month.
- Moreover, the current inflation rate is only 0.08 percentage points below the 1-year average.
- With non-Opec+ output likely to exceed consumption growth, the cartel will struggle to keep Brent above USD80pb even in the event of something close to consensus economic growth in China and a probable soft landing in the US. My forecast for 31 December is USD70pb.
By Alastair Newton
- The Kuwait CPI inflation rate was 0.2% month-on-month in November 2023, marking the lowest growth rate since July 2023 and a decline from the previous month's rate of 0.4%.
- November's inflation rate is 0.12 percentage points below the one-year average, supporting signs of a relative easing of inflationary pressures in Kuwait.
- Kuwait's M2 money supply saw a strong year-on-year growth of 4.1% in October 2023, the highest since June 2023.
- Although falling slightly below the one-year average, the current growth rate surpasses the long-run average.