KENYA’S RATE OF INFLATION EASES TO 7.47%

NAIROBI, The cost of living in Kenya has eased helped by lower cost of food items and energy.

The rate of inflation has bounced back to the government’s medium term target easing to 7.47 percent from 9.21 percent last month.

The drought experienced in many parts of the country early this year resulted in the price of basic commodities escalating with the rate of inflation rising from 6.35 percent in December last year to hit a 5-year high of 11.7 percent in May this year.

Duty free importation of food items coupled with harvests has seen the cost of living easing bouncing back to the government’s preferred medium term band of 2.5-7.5 percent.

Latest data from the Kenya National Bureau of Statistics indicate that on average prices were 0.98 percent lower this month when compared to last month.

Irish potatoes at 21.34 percent led the list of sampled items whose prices reduced followed by cabbages at 7.7 percent and spinach at 6.4 percent.

Other items that recorded price reductions included maize flour, sukuma wiki, milk, sugar and refined petroleum products.

On the other hand, wheat, rice and mangoes registered price increases that were not strong enough to off-set reductions by other sampled items.

The reductions in food prices have pushed the year on year food inflation from 15.81 percent last month to 12.19 percent this month.

Source: NAM NEWS NETWORK