Kenya’s Inflation For January Settles At 9%
KEY POINTS
Compared to December 2022, when the CPI index stood at 128.99 percent, in January 2023 CPI index increased by 0.2 percent to hit 129.29 percent.
Prices of mangoes, potatoes (Irish), and cowpeas dropped by 4.7, 3.8, and 3.6 percent, respectively, while those of tomatoes, beans, and beef with bones increased by 8.1, 1.7, and 0.8 percent, respectively.
KEY TAKEAWAYS
“The rise in inflation was primarily due to an increase in prices of commodities under transport and (13.1 percent), food and non-alcoholic beverages (12.8 percent), housing water, electricity, gas and other fuels (7.3 percent), between January 2022 and January 2023,”
“The overall year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 9.0 percent in January 2023. The CPI increased by 0.2 percent from an index of 128.99 in December 2022 to 129.29 in January 2023,” said the Kenya National Bureau of Statistics.
Although January inflation rates have fallen slightly, they remain above the government’s preferred range of 2.5-7.5 percent, a sign of the high cost of living that has been biting and raiding the already-tattered Kenyan pockets with commodity prices spiking.
“The rise in inflation was primarily due to an increase in prices of commodities under transport and (13.1 percent), food and non-alcoholic beverages (12.8 percent), housing water, electricity, gas and other fuels (7.3 percent), between January 2022 and January 2023,” added KNBS.
These three divisions account for over 57 percent of the weights of the thirteen broad categories. Prices of commodities under furnishings, household equipment, and routine household maintenance recorded a 9.3 percent increase over the period.
Related Content: 31% Of Kenyan Investors Changing Strategies To Combat Inflation
Compared to December 2022, when the CPI index stood at 128.99 percent, in January 2023 CPI index increased by 0.2 percent to hit 129.29 percent.
Prices of mangoes, potatoes (Irish), and cowpeas dropped by 4.7, 3.8, and 3.6 percent, respectively, while those of tomatoes, beans, and beef with bones increased by 8.1, 1.7, and 0.8 percent, respectively.
From the recent data, however, Kenya’s inflation seems to have slowed marginally by ten basis points in January, down to nine percent. This is the third consecutive month that Kenya’s inflation has fallen. The levels hit 9.6 percent in October 2022, the highest level ever experienced since May 2017.
Most economic analysts, in their numerous reports, had predicted that the inflation for January would be higher than any other month given the hist cost of living that hit the majority of Kenyan households. Seems like KNBS was reading from a different book.
Related Content: Inflation Forces Migrants to Reduce Remittances Back Home
About Juma
Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com
