Business Daily Kenya:
The cost of life in Kenya rose via 11.48 per cent in April to 11.70 per cent in May, driven mainly by the increasing cost of food items, Kenya Bureau of Statistics (KNBS) has disclosed. Overall inflation level has been on the rise since February when the item first hit 9.07 per cent.
In March, inflation increased to 10.28 per cent in addition to also was mainly driven by the high cost of food items. This particular will be the fifth time in Kenya’s history which the cost of life has continued to rise consecutively despite the Government subsidising the cost of 2kg of maize flour will reduce to Sh90.
According to KNBS, the consumer cost indices (CPI) increased by 0.75 per cent via 186.24 in April to 187.64 in May. The level of inflation rate first reached outside the government’s target of between 2.5 in addition to also 7.5 per cent in February after food prices surged on account of drought, which left about 2.7 million people in need of food aid. Last month’s inflation rate will be the highest since January 2012 when inflation hit 15.1 per cent.
The development comes a day after Central Bank of Kenya retained the benchmark lending rate at 10 per cent, saying the item expected inflation rate to reduce due to the ongoing rains in most parts of the country.
Kenya’s overall inflation increased to 11.48 per cent in April via 10.28 per cent in March driven by increases in several food items due to drought conditions. The bureau said between April in addition to also May, Food in addition to also Non-Alcoholic Drinks’ Index increased by 21.52 per cent.
However, according to the data, there was a significant decline inside prices of sukuma wiki, cabbages, potatoes in addition to also spinach mainly due to ongoing rains. Average cost of a 2kg packet of maize flour declined via Sh135.87 in April to Sh129.64 in May, due to interventions by the government.
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Cost of living in May went up to 11.7pc