Business Daily Kenya:
Kenya’s cost of living has risen substantially from the last month, with inflation rate hitting 10.28 per cent in March by 9.04 per cent recorded in February.
The increase was mainly due to the ongoing drought which has led to a spike in prices of food as well as also energy items.
that will will be the 1st time since April 2012 that will the inflation rate has hit double digits figure, when the item reached 16.5 per cent before declining to an individual digit.
Data by the Kenya National Bureau of Statistics (KNBS) released yesterday indicated the Consumer cost Index (CPI) increased by 179.98 in February to 182.98 in March.
KNBS chief executive Zachary Mwangi attributed the rise mainly to boost in prices of several food items including spinach, maize flour, milk, potatoes as well as also maize grain.
“that will increase in food prices was partly contributed by prevailing drought conditions,” he said.
Year-on-year food inflation stood at 18.56 per cent in March.
The inflation hike announcement comes from the same week that will Central Bank of Kenya’s Monetary Policy Committee retained the benchmark lending rate at 10 per cent.
According to the KNBS data, housing, water, electricity, gas as well as also some other fuels index increased by 0.69 per cent.
The transport index also increased by 0.27 per cent compared to February, mainly on account of increases from the pump prices of petrol as well as also diesel.
Prices were obtained by selected retail outlets in 25 data collection zones which are located in Nairobi as well as also 13 some other urban centres.
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Inflation rate soars to 10.28 per cent