Home Business Kenyan Inflation Hits Three-month High in July

Kenyan Inflation Hits Three-month High in July

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Kenya’s year-on-year inflation rose to 6.27% in July from 5.70% the previous month, touching its highest level in three months, the statistics office said on Wednesday.

It attributed the increase in the headline rate to a jump in prices of food, soft drinks, alcoholic beverages and transport costs

On a month-on-month basis, consumer prices fell 0.36% in July from a 0.69% decline in June, the Kenya National Bureau of Statistics said.

The central bank held its benchmark lending rate at 9.0% for the sixth time in a row last week, saying inflation expectations were within the target range.

The government has a preferred band of 2.5-7.5% for inflation to maintain price stability in the economy.

REUTERS

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