Kenya’s inflation rate in May 2024 rose to 5.1 percent, up from 5.0 percent in April of the same year, according to data released by the Kenya National Bureau of Statistics (KNBS).
The rise in inflation was primarily driven by a significant surge in the costs of essential goods and services, including food, transport, and energy.
The latest report from KNBS highlighted that May 2024 saw a 5.1 percent increase in the general price level compared to May 2023.
Specific sectors experiencing considerable price hikes included food, non-food items, and fuel, with price indexes rising by 6.2 percent, 3.4 percent, and 7.8 percent, respectively, since May 2023.
“The annual headline inflation rate as measured by the Consumer Price Index (CPI) increased to 5.1 percent, in May 2024 from 5.0 percent in April 2024.
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The price increase was mainly driven by rise in prices of commodities under Transport ,Food and Non-Alcoholic Beverages ,Housing, Water, Electricity, Gas and other fuels between May 2023 and May 2024,” stated KNBS,” said KNBS in a statement.
In the food category, basic items such as onions, tomatoes, and Sukuma Wiki witnessed substantial price spikes of 67.7 percent, 29.7 percent, and 27.7 percent, respectively.
The price of sifted maize flour also saw an increase of 28.1 percent.
Popular food commodities like sugar and white wheat flour recorded price hikes of 11.1 percent and 8.2 percent, respectively.
“The index increased from 138.40 in April 2024 to 139.85 in May 2024 attributing to monthly inflation of 1.0 percent,” it added.
The cost of electricity also went up, with prices for 50-kilowatt and 200-kilowatt units rising by 7.3 percent and 4.6 percent since May 2023.
The transportation sector also felt the impact, as diesel, petrol, and kerosene costs increased by 6.4 percent, 5.5 percent, and 4.7 percent, respectively.
The reasons behind this inflationary pressure are multifaceted, including global market dynamics, local production challenges, and supply chain disruptions.
Additionally, factors such as fluctuating exchange rates, rising fuel prices, and seasonal variations in food production have contributed to the current economic scenario in Kenya.
A high inflation rate means Kenyans are facing higher costs of living, putting pressure on household budgets and potentially impacting overall economic stability.
