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Kenyan firms reported record low business confidence for 2022 as Covid-19 continued to ravage economic recovery/FILE


Annual inflation rises to 5.56pc as food prices continue to increase

According to Kenya National Bureau of Statistics, month on month inflation rose by 0.40 percent during the month/FILE

NAIROBI, Kenya, Nov 29 – Kenya’s year-on-year inflation has risen to 5.56 percent, compared to 4.95 percent registered last month, as the price of food and alcoholic drinks increased.

According to Kenya National Bureau of Statistics, month on month inflation rose by 0.40 percent during the month.

At the same time, housing, water, electricity, gas and other fuels’ index increased by 0.29 percent.

During the period under review, the price of potatoes, tomatoes, maize flour sifter, green grams and mineral water was noticed to increase by 7, 6.1, 4.3, 3.9 and 2.4 percent.

However, unpacketed fresh-milk, wheat flour and sugar prices dropped by 4.1, 0.6 and 0.5 percent respectively.

The transport index increased by 0.29 percent, mainly due to increase in pump prices of diesel and petrol.

This is even Central bank of Kenya cut the benchmark lending rate by 50 basis points to 8.5 percent, saying the move is expected to spur economic activity in the country.

The Monetary Policy Committee had held the rate at 9.0 percent for seven consecutive times since end of July 2018 before Monday’s cut.

Mid November, Energy and Petroleum Regulatory Authority revised the prices of fuel upwards with a litre of petrol in Nairobi retailing at Sh110.59, while a similar quantity of diesel retailing at Sh104.61.

Kerosene was adjusted upwards with users parting with an additional Sh2.98 for a litre of the commodity at Sh104.06.

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