Kenya’s Inflation Rate Inches Up to 2.8% in November

The Kenya National Bureau of Statistics (KNBS) has reported a marginal increase in the country’s inflation rate, which rose to 2.8% in November 2024, up from 2.7% in October.

The uptick is primarily attributed to higher prices of key commodities, particularly food and non-alcoholic beverages, which recorded a 0.6% increase in October.

“Overall year-on-year (annual) inflation rate, as measured by the Consumer Price Index (CPI), was 2.8% in November 2024, marking a slight increase from 2.7% in October 2024. The month-to-month inflation rate was 0.3% in November 2024,” the KNBS report indicated.

Kenya’s medium-term inflation target remains between 2.5% and 7.5%.

The report highlighted notable price increases in essential items during the review period. Cooking oil prices surged by 3.1%, sugar by 5.3%, and sifted maize flour by 5.1%.

In contrast, the cost of electricity, water, gas, and other fuels experienced a slight dip of 0.1%, driven by a 1.1% decrease in LPG gas prices and a 0.3% reduction in electricity costs.

KNBS collects retail prices for the CPI during the second and third weeks of each month across 50 sampling zones nationwide, including 14 in Nairobi and 36 in other urban areas. These zones cover outlets in lower, middle, and upper-income neighborhoods, ensuring comprehensive coverage of consumer spending trends.

Kenya’s inflation rate remains within the target range, despite the slight increase, reflecting a relatively stable economic environment.