May Inflation Remains Sticky At 5.1% On Spiking Vegetable Prices

May 2024 recorded a 5.1% increase in the general prices of goods and services, slightly higher than the 5.0% growth in April 2024.

This uptick was primarily driven by faster growth in the food and household utilities indices, particularly due to significantly higher vegetable prices and a faster increase in electricity prices.

Specifically, prices for small-scale (50kWh) and large-scale (200kWh) electricity increased by 7.3% and 4.6% year-over-year, respectively, compared to declines of 1.0% and 0.8% in the previous month.

Fuel inflation continued to decline on the back of a slower increase in fuel prices – Overall, the transport index recorded the highest decrease while the food and household utilities indices recorded the fastest, year-on-year.

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The Food and Non-Alcoholic Beverages Index increased by 2.0 percent between April 2024 and May 2024. The prices of spinach, Kale “sukumawiki”, tomatoes, and potatoes(Irish) increased by 18.2, 15.0, 14.0, and 6.2 percent, respectively between April 2024 and May 2024, which details the national average prices of selected items.

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The price of maize flour-sifted, fortified maize flour, maize grain-loose, and wheat flour-white decreased by 3.2, 2.3, 1.6, and 1.3 percent, respectively.

The Housing, Water, Electricity, Gas, and Other Fuels Index increased by 1.2 percent between April 2024 and May 2024 mainly due to a rise in prices of of 200 kWh and 50 kWh of electricity by 6.9 percent and 5.5 percent, respectively.

However, the price of gas/LPG and kerosene dropped by 0.6 percent and 1.0 percent, respectively, during the period. The Transport Index increased by 0.2 percent between April 2024 and May 2024. However, prices of petrol and diesel dropped by 0.5 percent and 0.7 percent, respectively during the same period.

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