Kenya's Inflation Eases To 5% Despite Rise In Fuel, Food Prices

• Kenya's inflation dropped to 5% in April 2024, a 0.7% decline from 5.7% as reported in March 2024
• Data from the Kenya National Bureau of Statistics (KNBS) indicated a relatively high increase in prices of fuel and some food items
• Prices of sugar went up by 9.2% despite a resumption of local manufacturing, while electricity prices dropped by 1%

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

Kenya's inflation has eased for the first time in 12 months to the Central Bank of Kenya (CBK)'s midpoint target range.

Kenya National Bureau of Statistics (KNBS) reported inflation measured by the Consumer Price Index (CPI) at 5% for the month of April 2024.

This represented a 0.7% drop from 5.7% reported in March 2024.

"The overall year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 5% in April 2024. The month of April 2024 recorded a monthly inflation rate of -0.2%," KNBS said in a statement.

KNBS attributed the annual inflation increase to the rise in prices of commodities.

Which items recorded high prices in April 2024?

The report showed that the transport index increased by 9.2% in the 12 months to April 2024.

Electricity, cooking gas and fuel prices increased by 3.8%, while food and non-food items increased by 5.6% during the same period under review.

Prices of onions, oranges, avocados, tomatoes, and potatoes increased by 71.4%, 17.9%, 15.9%, 10.8% and 5.3%, respectively.

Despite the resumption of local sugar milling, prices of sugar went up by 9.2%, while cooking oil retained a high rate of 3.1%.

Local sugar millers in Kenya produced 63,075 tonnes of the sweetener in February 2024, the highest number since they resumed operations in December 2023.

Which items reported a drop in prices?

Wheat and maize flour prices dropped by 4.9% and 22.7%, respectively, during the 12 months to April 2024.

Maize grain prices reduced by 20.1% per kilogramme during the same period.

Electricity prices also reported a drop of 0.8% for 200kWh and 1% for 50kWh.

The Energy and Petroleum Regulatory Authority (EPRA) revised the electricity tariff for the same period, reducing fuel energy costs and foreign exchange fluctuation rates.

A unit of electricity from Kenya Power and Lighting Company (KPLC) reduced to KSh 26.

Proofreading by Nyambura Guthua, journalist and copy editor at TUKO.co.ke

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Kenya's Inflation Eases to 5% Despite Rise in Fuel, Food Prices - Tuko