Kenyan Inflation Rate Climbs to 2.8% on Increased Food Costs
Kenyan inflation accelerated in November, advancing for the first time since August after the prices of some food items increased.
Consumer prices rose an annual 2.8% this month, compared with a 2.7% increase in October, the Nairobi-based Kenya National Bureau of Statistics said on Friday in an emailed statement. Prices rose 0.3% in the month.
The inflation reading comes ahead of a meeting next week by the central bank’s monetary policy committee. It is scheduled to announce the latest interest-rate decision on Dec. 5.
Inflation remains at the lower end of the 2.5% to 7.5% target range that central bank Governor Kamau Thugge prefers to anchor price-growth expectations.
Prices of food and non-alcoholic drinks – which make up a third of the inflation basket – grew 4.5% at an annual rate on higher prices of vegetables including cabbages, carrots and potatoes.
The transport index decreased 1.1% after the government left gasoline prices unchanged during the mid-month review, while the housing, water, electricity, gas and other fuels index increased 0.1% due to a sharp rise in the price for international flights.
