Kenya’s inflation rate climbed to 2.8% in November 2024, up from 2.7% in October.
The increase was primarily driven by rising food and beverage prices, particularly sugar, maize flour, and fortified maize flour. Additionally, a slight uptick in housing costs contributed to the overall inflation rate.
On a monthly basis, inflation accelerated to 0.3% in November, compared to 0.2% in the previous month.
While some food prices, such as potatoes, onions, and cabbages, decreased, the overall food and non-alcoholic beverages index rose by 0.6%.
Conversely, the housing, water, electricity, gas, and other fuels index declined by 0.1%, primarily due to lower LPG and electricity prices.
The transport index increased by 0.2%, despite stable petrol and diesel prices. This increase was mainly attributed to higher international flight costs.
Kenya aims to maintain an inflation rate between 2.5% and 7.5% in the medium term. The Central Bank of Kenya is scheduled to announce its latest monetary policy decision on December 5th. In October, the bank lowered its benchmark lending rate to 12.00%.
