Nairobi News


Kenya listed among countries with highest inflation rates

Kenya has the third highest inflation rate in Africa, data from the World of Statistics indicate. According to the data, Kenya is ranked 14th in the world among countries with the highest inflation rates.

Topping the list among African countries is Egypt with an inflation rate of 32.7 per cent closely followed by Nigeria with an inflation rate of 22.4 per cent. Kenya is third with an inflation rate of 8 per cent, followed by South Africa at 6.8 per cent.

Niger is on the bottom with a 1 per cent rating while Seychelles wraps up the list with a -1.02 per cent.

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Last month, data from the Kenya National Bureau of Statistics showed that the country’s inflation rose to 8 per cent year-on-year. On a monthly basis, May inflation was at 0.9 per cent compared to 0.5 per cent in April. In February, inflation rates climbed to 9.2 per cent, that being the third-highest rate recorded since last year.

The inflation had eased from 9.1 per cent in December 2022 to 9 per cent in January 2023, after highs of 9.5 per cent in November and 9.6 per cent in October – the highest rate in more than five years.

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The inflation rate rose beyond the Central Bank of Kenya’s guided upper limit of 7.5 per cent in mid-2022 and has remained up, triggering the bank’s move to raise lending rates as a control measure.

As a result, Kenyans still have to bear the cost of living that keeps rising. In recent months the prices of many basic commodities have shot up in the country.

Results of the Central Bank of Kenya (CBK) Agricultural sector survey conducted between May 9th and 12th showed that prices of sugar, bread, eggs, rice and cooking oil among others commodities will remain high in June. These high prices will be the main drivers of inflation during the month.

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