Kenya records lowest inflation rate in 14 months
Kenya has recorded an inflation rate of 7.3 per cent for the month of July 2023, its lowest year-on-year inflation since May 2022.
The inflation rate dropped from 7.9 per cent in June 2023.
According to the Kenya National Bureau of Statistics, inflation was largely due to an increase in the prices of commodities.
The inflation in prices of commodities under transport hit 13 per cent, food and non-alcoholic beverages
hit 8.6, while inflation on housing, water, electricity, gas and other fuels hit 7.8 per cent between July
2022 and July 2023.
"These three divisions account for over 57 per cent of the weights of the 13 broad categories," KNBS said.
The month-to-month food and non-alcoholic beverages index decreased by 0.5 per cent between June 2023 and July 2023.
Inflation on food
Prices of most food products dropped during the period. The prices of potatoes, tomatoes, cowpeas and cabbages declined by 12.2, 10.1, 8.3 and 8.1 per cent, respectively, between June 2023 and July 2023.
However, during the same period, the price of onions (leeks and bulbs) increased by 11.4 per cent.
The housing, water, electricity, gas and other fuels’ index, decreased by 1.2 per cent between June 2023 and July 2023.
"This was mainly due to decline in the prices of gas/LPG and electricity. During the review period, the prices of 13Kg gas/LPG, electricity 200 kilowatts and electricity 50 kilowatts decreased by 9.2, 5.3 and 4.4 per cent, respectively, between June 2023 and July 2023. During the same period, however, the prices of kerosene rose by 5.0 per cent," KNBS added.
The Transport Index went up by 3.5 per cent between June 2023 and July 2023 mainly due to the increase in prices of petrol and diesel, which rose by 6.9 per cent and 7.4 per cent, respectively.