The Capital Markets Authority is anticipating more policy measures to control inflation from the Central Bank of Kenya following emerging developments across the globe.
The regulator says the conflict between the Israel and Palestine is likely to influence upwards the price of oil thereby affecting the prices of other items in the market. “From our view is that the Central Bank of Kenya is likely to apply the policy on inflation upto the year 2025 to adjust to the current developments in the middle east, oil supply chain is likely to be impacted and the commodity controls majority of areas in our economy,” noted Luke Ombara, Director Policy and Market Development, Capital Markets Authority.
Inflation rate in Kenya as measured by the Consumer Price Index (CPI), increased marginally to 6.8 per cent in September 2023 compared to 6.7 per cent in August 2023, on account of sharp increases in fuel prices.
A litre of petrol increased to KSh 212.25 per litre in September from KSh 195.32 in August, an increase of 8.7 per cent while a litre of paraffin increased to KSh 203.34 per litre from KSh 170.25 in August, an increase of 19.4 per cent. The price of a litre of diesel increased from KSh 180.42 per litre in August to KSh 201.73 in September 2023, an increase of 11.8 per cent.
Ombara was speaking on the sidelines of Capital Markets Soundness Report release for quarter three. Titled “Navigating Cybersecurity in Capital Markets Amid Rapid Technology Advancement”, the report notes that threats such as phishing, DDoS attacks, ransomware, and insider threats have escalated posing risk to the capital markets.
As an action plan, he said The Capital Markets Authority is looking forward to developing a consolidated cybersecurity and cyber resilience framework (CSCRF) for licensees. “Ongoing review of legal and regulatory frameworks to emphasize licencees risk management of cyber threats and cyber resilience based on the International Organization of Securities Commissions principles
Other interventions include CMA continuing to encourage market participants to take the necessary cyber threat risk mitigation through development of cybersecurity to ensure investor protection.
Inflation in Kenya up 6.8% in September (kenyanwallstreet.com)
