Kenya National Bureau of Statistics (KNBS) has revealed that inflation surged to 9.2% in February, with certain food items registering an 11% increase compared to their prices in January.
KNBS’s recent Consumer Price Index (CPI) data show that the rise in inflation was mainly due to an increase in prices of commodities under food and non-alcoholic beverages (13.3%); housing, water, electricity, gas and other fuels (7.6%); and transport (12.9%) between February 2022 and February 2023.
According to the KNBS’s CPI, the prices of cabbages, carrots, and sukuma wiki (kales) increased the most among food items, with a rise of over 11% within a month. Additionally, tomato prices increased by 7.8% compared to January, while freshly unpacked milk prices rose by 2%. Cooking gas prices increased by 4.7% in February, but electricity prices fell by 2.9-3.7% for different user bands. The prices of wheat and maize flour decreased by 2.4% and 2.5% during the month, and the cost of sugar also came down by 3.2%.
The inflation rate of 9.2% is the third-highest rate recorded since last year when Kenyans began experiencing high commodity prices, and it signals a return to the red zone. Inflation had decreased from 9.1% in December to 9% in January, following highs of 9.5% in November and 9.6% in October, the highest rate over five years.
The inflation rate exceeded the Central Bank of Kenya’s (CBK) upper limit of 7.5% and has continued to stay high. Consequently, the CBK has increased lending rates as a corrective measure.
Read Also: Kenya’s Inflation Slows for the first time in 9 Months to 9.5% in November
