Home Business Kenya Year-on-Year Inflation Falls to 7.47% in July

Kenya Year-on-Year Inflation Falls to 7.47% in July

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Kenya’s annual inflation dropped to 7.47 percent this month from 9.21 percent in June, falling within the government’s preferred range for the first time since February this year, the statistics office said on Monday.

The rate rose above the government’s preferred band of 2.5 to 7.5 percent earlier in the year after a regional drought caused food prices to surge. It peaked at 11.7 percent in May before starting to drop last month after rains improved boosted food supplies.

The lower rate of inflation this month was attributed to a decrease of 2.05 percent in the food and non-alcoholic drinks index compare with June, the statistics office said in a statement.

“The drop was cause by significant falls in the prices of several food items arising out of good weather conditions in some parts of the country,” the agency said.

The central bank, whose monetary policy committee has held lending rates since late 2016, predicted earlier this month inflation would fall in line within this quarter.

REUTERS

 

 

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