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Producer Price Index for the Fourth Quarter, 2023

The Kenya National Bureau of Statistics (KNBS) has released the Producer Price Index (PPI) for the fourth quarter of 2023.

The quarterly producer prices are denoted by the last month of the quarter and are collected in the middle of the quarter.

KNBS report released on Tuesday, January 16, 2024, indicates that the fourth quarter year-on-year producer inflation was 10.49 per cent in December 2023 which was lower than 16.26 per cent recorded in December 2022.

The index rose from 132.07 in December 2022 to 145.92 in December 2023.

Over the period, producer inflation was highest in June 2022,” read part of the report.

For the year-on-year industrial producer inflation from March 2023 to December 2023, Mining and Quarrying; Manufacturing; Electricity, Gas, Steam and Air Conditioning Supply; and Water Supply, Sewerage, Waste Management and Remediation Activities recorded varying changes in production prices.

Highest price increase

During the year ending in December 2023, the Electricity, Gas, Steam and Air Conditioning Supply sector recorded the highest price increase at 24.2 per cent in December 2023 followed by Mining and Quarrying at 18.5 per cent.

A prepaid electricity token machine provided by Kenya Power at an appartment in Nairobi.

Manufacturing recorded a price increase of 9.1 per cent.

In addition, over the fourth quarter of 2023, the Mining and Quarrying sector reported the highest price increase of 12.8 per cent.

Manufacturing and Electricity, Gas, Steam and Air Conditioning Supply, sectors recorded a price increase of 4.0 and 1.6 per cent, respectively over the same quarter while the price for Water Supply remained unchanged during the same period.

The overall producer prices in December 2023 rose by 3.97 per cent relative to September 2023 prices. Over the same period, the manufacture of other non-metallic mineral products recorded the highest price increase of 19.33 per cent while the manufacture of leather and related products had the highest price decline of 2.58 per cent.

Over the last year, the highest price increase was in chemical and chemical products at 30.94 per cent while the highest price decrease was in the manufacture of wearing apparel at 6.40 per cent.

Meanwhile, the overall producer index increased from 132.07 in December 2022 to 145.92 in December 2023.

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