Inflation in Kuwait being driven by external factors

KUWAIT CITY, Aug 31, (Agencies): Governor of the Central Bank of Kuwait Sheikh Salem Abdulaziz al-Sabah has said inflation in the oil-rich emirate, which has hit record levels, is mainly caused by external factors. “Inflation in Kuwait is imported … since the country imports most of its commodities from abroad,” Sheikh Salem said in statements cited by the official KUNA news agency late Saturday. External factors such as prices in exporting nations, insurance fees and transport costs influence Kuwaiti imports, said the governor, adding that 30 percent of Kuwaiti imports come from Europe and 14 percent from the United States. “The only domestic factor affecting inflation is the rate of exchange of the dinar which is under control,” Sheikh Salem said. >>>>>

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