Rising Food Prices Pushes Inflation Up Marginally to 4.83pc in Jan
Consumer Price Index (CPI) inflation marginally rose in January at 4.83 per cent from 4.50 per cent in December after easing from a 4.7 percent rise in November last year.
The Kenyan National Bureau of Statistics (KNBS) attributes this to an increase in the cost of food items and fuel.
Last year, headline inflation in 2017 averaged 8.02 per cent from 6.30 per cent average attained in 2016.
This was mainly attributed to food inflation which peaked at 20.00 per cent in May as a result of the adverse effect of prolonged dry weather conditions in 1Q17 that had a knock-on effect on prices of key food items.
The Government initiated measures to stem the food inflation uptick by zero-rating of taxes on maize and bread, duty-free importation of maize and sugar and allocating Ksh 6Bn maize subsidy program.
“Our inflation outlook is mild inflationary pressure in the first half period due to the base effect before ticking upwards in the latter half,” says Genghis Capital Analysts.
Central Bank of Kenya maintains “Overall inflation is expected to remain well anchored and within the government target range (2.5 percent – 7.5 percent) in the near term” besides t rise in international oil prices.
Economic analysts had expected the inflation to range between 4.9 percent – 5.2 percent from 4.5 percent in December mainly due to the end of the maize subsidy program.
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