Kenyan Inflation Eases in 1Q on Easing of Gas, Meals Costs

Kenyan Inflation Eases in 1Q on Easing of Gas, Meals Costs

By George Mwangi

Particular to Dow Jones Newswires

NAIROBI–Kenyan inflation eased to five.3% within the first quarter this yr from 6.0% the fourth quarter final yr, the nation’s central financial institution stated Thursday.

The decline was attributed to costs of gas objects easing following authorities interventions and costs of key meals objects falling as a result of seasonal elements, the financial institution stated.

Meals inflation declined to 9.2%, from 9.9% the earlier quarter, as key meals costs eased following improved climate circumstances, the financial institution stated.

“Greens inflation continued to be the dominant driver of meals inflation. Nevertheless, its contribution declined throughout the quarter underneath evaluation, following a decline within the costs of tomatoes, cabbages, conventional greens, and peas, on account of enhanced provide as a result of favorable climate circumstances,” the financial institution stated.

Regardless of the decline in meals inflation throughout the quarter, its contribution to general inflation elevated to three.3 share factors from 2.6 share factors within the earlier quarter, the financial institution stated.

Gas inflation fell to six.8% from 10.1% within the earlier quarter, the financial institution stated.

Non-food, non-fuel inflation remained comparatively steady at 2.1%, in comparison with 2.0% within the earlier quarter, reflecting the muted demand pressures within the financial system, the financial institution stated.

Kenya’s central financial institution final month raised its key lending charge to 7.5% from 7.0% to curb rising inflation.

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