The Kenya National Bureau of Statistics (KNBS) has announced that the country’s year-on-year inflation rate fell to 2.7% in October 2024, down from 6.9% in October 2023.
This decline highlights a moderation in the general price levels across the economy, driven largely by rising prices in food, non-alcoholic beverages, and housing-related expenses.
According to the Consumer Price Indices and Inflation Rate for October 2024, Food and Non-Alcoholic Beverages sector saw a 4.3% annual increase, with notable monthly price hikes in essential items such as mangoes, carrots, and oranges. These items experienced price jumps of 9.9%, 5.7%, and 5.1%, respectively, from September to October 2024.
In contrast, prices of maize flour and sugar saw monthly decreases, helping to alleviate some household expenses.
Meanwhile, housing-related costs showed a modest annual rise of 0.4%, as reductions in the prices of kerosene and LPG helped offset electricity price increases.
The Transport Index declined by 1.3% year-on-year due to a reduction in fuel prices, with petrol and diesel prices falling by 4.3% and 2.0% in October compared to September.
Overall, the CPI rose slightly from 140.13 in September to 140.44 in October 2024, indicating a monthly inflation rate of 0.2%.
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