The overall year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 5.7 per cent, in March 2024. This means that in March 2024, the general price level was 5.7 per cent higher than that of March 2023.
This was mainly driven by increases in prices of commodities under Transport (9.7%); Housing, Water, Electricity, Gas and other fuels (8.0%); and Food and Non-Alcoholic Beverages (5.8%) between March 2023 and March 2024. These three divisions account for over 57 per cent of the weights of the 13 broad categories.
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.
In addition, the index increased from 138.34 in February 2024 to 138.66 in March 2024, a change of 0.2 per cent.
The Food and Non-Alcoholic Beverages Index rose by 0.5 per cent between February 2024 and March 2024.
Which commodities had price drop in March 2024?
Prices of maize flour loose, maize flour-sifted, sugar and fortified maize flour dropped by 9.6. 5.8, 5.3 and 5.1 per cent, respectively between February 2024 and March 2024.
During the same period, however, prices of onions- leeks and bulbs, mangoes and potatoes (Irish) increased by 11.1, 8.0 and 7.7 per cent, respectively.
The Housing, Water, Electricity, Gas and Other Fuels Index increased by 0.2 per cent between February 2024 and March 2024 mainly due to an increase in prices of gas/LPG by 1.4 per cent. However, during the same review period, the prices of kerosene went down by 2.3 per cent.
In addition, prices of 200 kWh and 50 kWh of electricity dropped by 0.3 per cent and 0.4 per cent, respectively, during the period.
The Transport Index decreased by 0.6 per cent between February 2024 and March 2024. This was attributable to a drop in prices of petrol and diesel by 3.5 per cent and 2.6 per cent, respectively.
