Consumer Price Indices and Inflation Rates For January 2024

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The overall year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 6.9 per cent, in January 2024. This means that in January 2024, the general price level was 6.9 per cent higher than that of January 2023.

This was mainly driven by increases in prices of commodities under Transport (10.6%); Housing, Water, Electricity, Gas and other fuels (9.7%); and Food and Non-Alcoholic Beverages (7.9%) between January 2023 and January 2024. These three divisions account for over 57 per cent of the weights of the 13 broad categories.

According to the Kenya National Bureau of Statistics (KNBS), the CPI and inflation are generated from data collected through monthly surveys of retail prices that target a representative basket of household consumption goods and services.

The data collection is conducted in the second and third weeks of the month from a representative sample of outlets located in 50 data collection zones across the country.

KNBS data indicate that the index increased from 137.55 in December 2023 to 138.15 in January 2024, a change of 0.4 per cent.

Commodities whose prices and reduced in January 2024

The Food and Non-Alcoholic Beverages Index rose by 0.4 per cent between December 2023 and January 2024 while prices of cabbages, carrots, oranges and potatoes(Irish) increased by 10.0, 7.4, 3.1 and 1.7 per cent, respectively between December 2023 and January 2024.

During the same period, however, prices of mangoes, tomatoes and sugar dropped by 3.8, 3.6 and 2.2 per cent, respectively.

National Average Retail Prices of Selected Commodities for January 2024. Source/KNBS.
National Average Retail Prices of Selected Commodities for January 2024. Source/KNBS.

The Housing, Water, Electricity, Gas and Other Fuels Index increased by 1.6 per cent between December 2023 and January 2024 mainly due to increase in prices of 200 kWh and 50 kWh of electricity by 11.4 per cent and 13.7 per cent, respectively mainly due to an increase in price of foreign exchange rate fluctuation adjustment per kWh by 103.1 per cent.

However, the price of a litre of Kerosene dropped by 2.4 per cent during the same period.

The Transport Index dropped by 0.9 per cent during the period, mainly due decrease in prices of petrol and diesel by 2.3 per cent and 2.5 per cent, respectively.

Moreover, the year-on-year inflation for Education Services, which follows a normal seasonal trend, was 2.8 per cent. There was an increase of 1.8 per cent in the indices for Education Services between December 2023 and January 2024, occasioned by a rise in tuition fees.

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