Africa-Press – Kenya. The country’s inflation rate has reduced by 2.5 per cent in the last year.
Data by Kenya National Bureau of Statistics (KNBS) shows that in December 2022, the inflation rate was at 9.1 per cent compared to 6.6 per cent in December 2023.
This is rate as measured by the Consumer Price Index (CPI).
KNBS defines CPI as a measure of the weighted aggregate change in retail prices paid by consumers for a given basket of goods and services.
“This was mainly driven by increases in prices of commodities under transport (11.7%); housing, water, electricity, gas and other fuels (8.3%); and food and non-alcoholic beverages (7.7%) between December 2022 and December 2023,” the Bureau said.
It said the three divisions that determined the change in the inflation rate account for 57 per cent of the weights of the 13 broad categories.
The other categories include alcoholic beverages, tobacco and narcotics which accounted for 8.5 per cent in the period under review, clothing and footwear (3.0%), furnishings, household equipment and routine household maintenance (3.5%), health (2.8%), and information and communication (1.2%).
Recreation, sports and culture had 5.1 per cent increase, education services (1.9%), restaurant and acommodation services (3.8%), insurance and financial services (0.8%) and personal care, social protection and miscellenous goods and services (6.3%).
Commenting on the drop, government Spokesman Isaac Mwaura said Kenya is having one of the lowest inflation compared to other countries.
“This means that the rate at which prices are rising has decelerated and the rate of increase of consumer prices has significantly slowed down,” he said.
He further stated that reduced inflation rate is a clear indication that the country’s economy is stabilising.
“… a reflection of the effective monetary policy and control put in place by President Ruto and the Kenya Kwanza administration,” Mwaura said.
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