Kenya’s inflation rate dropped to a 10-year low, registering a notable decrease to 3.6% in September 2024 from 4.4% in August 2024.
Inflation is a measure of the general increase in the prices of goods and services over a period of time.
For example, If Kes 1,000 was enough to buy you 3 litres of cooking oil and 2kg of flour last year, can it still be enough to buy the same goods this year?
Source: Kenya National Bureau of Statistics (KNBS)
What Drove the Inflation?
Several factors contributed to the inflation rate changes between September 2023 and September 2024:
Food and Non-Alcoholic Beverages: Prices increased by 5.1%, driven by higher costs for essential commodities
Housing, Water, Electricity, Gas, and Other Fuels: This category saw a 2.6% price increase over the year, with utilities and energy costs continuing to pressure household budgets.
Transport: A more modest increase of 0.5% was observed in transportation costs, reflecting relatively stable fuel prices.
Information and Communication costs remained stable, showing no change over the period.
Restaurants and Accommodation Services experienced a 4.4% rise, possibly reflecting increased tourism activity.
READ THE FULL SEPTEMBER INFLATION REPORT FROM THE KNBS WEBSITE
SOURCE : Kenya National Bureau of Statistics (2024)
Goods and services that reduced in price are
- Maize
- Wheat Flour
- Cow Milk
- Gas
- Electricity
- Kerosene
- Sugar
Goods and Services that increase in prices are
- Potatoes
- Fresh Fish
- Cabbage
- Beans
- Onions
- Oranges
Have noticed any reduction in the prices of goods and services and do you expect the downward trend to continue?