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World’s Best-Performing Currency Fails to Slow Kenyan Inflation

8 months ago
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World’s Best-Performing Currency Fails to Slow Kenyan Inflation

Kenya’s annual inflation rate climbed for a second successive month in December as higher food and transport costs offset the effects of the shilling’s world-beating performance this year.

The consumer price index rose 3%, compared with a 2.8% increase in November, the Nairobi-based Kenya National Bureau of Statistics said in an emailed statement Tuesday. Prices advanced 0.6% in the month.

Inflation remains at the lower end of the target range of 2.5% to 7.5% in which central bank Governor Kamau Thugge prefers to anchor price-growth expectations.

Earlier this month, the bank slashed its benchmark interest rate for the third time in a row — lowering it to 11.25% from 12% — as muted inflation allows it to offer support to the East African economy.

Price-growth has been subdued by the shilling, the world’s best-performing currency against the dollar this year after it gained about 21% against the greenback since the end of 2023.

The Kenyan unit’s strength has helped slash import costs of raw materials and finished goods, including fuel.

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Source: bloomberg
Via: norvanreports
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