Inflation hits three-month high in July

Economy

Inflation hits three-month high in July

Kenya’s year-on-year inflation rose to 6.27 percent in July from 5.70 percent the previous month, touching its highest level in three months, the statistics office said on Wednesday. FILE PHOTO | NMG 

Kenya’s year-on-year inflation rose to 6.27 percent in July from 5.70 percent the previous month, touching its highest level in three months, the statistics office said on Wednesday.

It attributed the increase in the headline rate to a jump in prices of food, soft drinks, alcoholic beverages and transport costs.

On a month-on-month basis, consumer prices fell 0.36 percent in July from a 0.69 percent decline in June, the Kenya National Bureau of Statistics said.

The central bank held its benchmark lending rate at 9.0 percent for the sixth time in a row last week, saying inflation expectations were within the target range.

The government has a preferred band of 2.5-7.5 percent for inflation to maintain price stability in the economy.

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