OPEC Member Countries Economy - OCT 11

Source: OPEC 10/20/2011, Location: Middle East

Inflation in Kuwait climbed to 4.6% on an annual basis in August, as published by the Central Statistics Office. Consumer price inflation gained 0.1% m-o-m in July. It also recorded 4.6% y o-y, its smallest increases since August 2010, and down from 5.0% in June. The inflation rate is likely to average 4.7% for 2011, 4.4% in 2012. Kuwait’s budget surplus rose to 8.1 billion dinars ($29.2 billion) in the first five months of 2011-12 fiscal year, much larger than a year ago on higher-than-expected oil revenue and lower spending, finance ministry data showed. Revenue was 11.9 billion dinars in April-August, while spending came at 3.7 billion dinars, below a projected 8.1 billion dinars, the data showed.

Headline inflation in Saudi Arabia according to official data slowed to 4.8% y-o-y in August from 4.9% and monthly price growth halved to 0.5% as a rise in housing and transport cost subsided. The International Monetary Fund said in August that the kingdom, which pegs its riyal currency to the US dollar, has to keep a close eye on inflationary pressures following a planned increase in social spending.


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