Kenya’s inflation fell to 3.6% year-on-year in September 2024 from 4.4% a month earlier, said the Kenya National Bureau of Statistics.
The slowdown was mainly attributed to softer price increases for food & non-alcoholic beverages (5.1% vs 5.3% August), housing & utilities (2.6% vs 4.2%), and transportation (0.5% vs 3.9%). On a monthly basis, consumer prices rose by 0.2% in September 2024 after a flat reading in the prior month.
Yields of corn, the nation’s staple, are seen growing by 5.2% to 50 million 90-kilogram bags this year, according to the agriculture ministry, which should help ensure adequate supply and keep prices in check.
“Inflation rate is firmly under control now,” Finance Minister, John Mbadi, said during an appearance at the country’s Senate.
“We think now that the central bank should start lowering the interest rate so that we encourage the private sector to uptake more loans, create job opportunities.”
“The year-on-year inflation rate as measured by the Consumer Price Index (CPI) eased to 3.6 percent in September 2024. This means that the general price level was 3.6 percent higher in September 2024 than it was in September 2023,” KNBS revealed.
Mbadi noted that the strengthening of the Kenya Shilling (KES), along with the central bank’s previously tight monetary policy, has also played a role in the decline of inflation rates.
The Kenyan Shilling has made a remarkable recovery, going from being one of the world’s worst-performing currencies to the best-performing against the dollar this year [2024], according to Bloomberg data.
The USDKES increased 0.0900 or 0.07% to 129.0900 on Friday October 4 from 129.0000 in the previous trading session. Historically, the USDKES reached an all time high of 163 in January of 2024.In September 2024, the Kenya Shilling remained relatively stable against the U.S. dollar.
Meanwhile, as reported by BitKE, diaspora remittances by Kenyans hit $427.2 million in August 2024, the highest monthly value sent by Kenyans abroad in history according to a weekly bulletin produced by the Central Bank of Kenya (CBK).
🇰🇪MILESTONE | Diaspora Remittances to #Kenya Hit a Historic Record High of $427 Million in August 2024
The United States continues to be the leading source of remittances to Kenya, contributing 56% as of August 2024, followed by the United Kingdom.https://t.co/JAPiQcPp5K… pic.twitter.com/nReh9q0yyd
— BitKE (@BitcoinKE) October 2, 2024
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