July inflation falls within CBK target range
In July, Kenya’s inflation rate declined more than anticipated and reached the Central Bank of Kenya’s target range of 2.5 percent to 7.5 percent. The drop in the cost of living came despite increased taxes on pump prices that is manifesting in higher transport costs. The prices of most food products including potatoes, tomatoes, cowpeas, and cabbages declined in the month under focus. However, the prices of onions went up by 11.4 percent.
Consumer prices rose by 7.3 percent annually in July, marking the slowest rate in 14 months. Kenya posted 7.9 percent inflation in June, data from the Kenya National Bureau of Statistics shows.
Central Bank Governor Kamau Thugge had previously stated that he expects inflation to fall within the target band of 2.5 percent to 7.5 percent by October.
