Nairobi — Kenya’s overall year-on-year inflation rate in September rose to 6.91 percent up from the 6.57 percent recorded in August, the latest data by the Kenya National Bureau of Statistics (KNBS) said.
KNBS, in a statement, attributed the increase to a rise in prices of commodities with the food and food and non-alcoholic beverages and transport increasing by 10.63 and 9.21 percent respectively compared to September 2020.
The month-to-month food and non-alcoholic drinks index increased by 0.11 percent between August 2021 and September 2021. This was mainly attributed to an increase in prices of some food items, which outweighed the decrease in prices of others” KNBS wrote.
Of all the selected commodities reviewed, carrots, oranges, and cabbages recorded the highest increase of 3.25, 2.43, and 2.10 percent respectively compared to last month.
In contrast, prices of tomatoes, maize flour, and spinach decreased by 2.30 percent, 0.99 percent, and 0.83 percent, respectively.
The transport index decreased by 1.17 percent mainly due to decreases in petrol and diesel that went up by 5.91 percent and 7.30 percent respectively.
Over the same period, the housing, water, electricity, gas, and other fuels’ index increased by 0.91 percent and was mainly attributed to an increase in prices of kerosene, electricity, and gas.
The Central Bank of Kenya (CBK) Monetary Policy Committee had Tuesday projected a rise in inflation pressures in the near term, mainly driven by increases in fuel and food prices.
The regulator, nonetheless, said that inflation is expected to remain within the target 7 percent range with muted demand pressures.
“Inflation pressures are expected to be elevated in the near term, mainly driven by an increase in fuel and food prices and the impact of the recently implemented measures,” MPC which is mandated to regulate the supply of money and interest rates said.
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Author : Capital FM
Publish date : 2021-10-01 06:05:55