Business Daily Kenya:
The cost of living rose in January fueled by an increase in food prices along with high cost of power, data released by yesterday by Kenya National Bureau of Statistics indicates.
The consumer cost index for January or overall rate of inflation climbed to 6.99 per cent coming from December’s 6.35 per cent. Food along with non-alcoholic beverages, which account for more than a third of the index, rose by 1.66 per cent coming from the previous month, while the cost of housing, utilities along with energy, increased by 0.33 per cent blamed on sharp increases on cost of electricity, house rent which outweighed cost decreases from the cost of cooking gas along with kerosene.
Overall inflation had slowed to 6.4 percent in December last year coming from 6.7 per cent the previous month. Food inflation remained high for most households in December, particularly for tomatoes, sugar, cabbages, kales (sukuma wiki), along with maize flour, due to the prevailing unusually dry weather conditions. Food along with electricity prices are required to remain high from the coming weeks.
On Monday, the Monetary Policy Committee retained Central Bank Rate (CBR) at 10 per cent in order to keep inflation within the Government target of between 2.5 per cent along with 7.5 per cent.
Meanwhile, the shilling traded stable against the US dollar yesterday along with was seen drawing further support coming from Diaspora remittances along with hard currency conversions by charities, traders told Reuters.. At 2pm, commercial banks quoted the shilling at 103.95/104.05 to the dollar, the same level as Monday’s close.
The post Food, housing, power push cost of living up appeared first on Mediamax Network Limited.
daily post kenya news, k24 live, media max, bdafrica, nse Kenya, epaper, business daily Kenya
Food, housing, power push cost of living up