CBK warns Kenyans over looming high food prices again
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Central Bank of Kenya (CBK) governor Kamau Thugge has said Kenyans should brace themselves for high food prices again
Central Bank of Kenya (CBK) governor Kamau Thugge has said Kenyans should brace themselves for high food prices again.
This comes after the CBK’s Monetary Policy Committee (MPC) reported that overall inflation is expected to persist, with imported food prices expected to soar amid the weakening shilling.
According to the MPC, the costs of fuel, food, non-food items, and non-fuel categories remained high in January.
“The survey of the agriculture sector conducted ahead of the MPC Meeting revealed that respondents expected inflation to increase in the next three months, on account of high import costs, partly due to the exchange rate depreciation,” Kamau who chairs the MPC said.
Kenya’s inflation rose to 6.9% in January, up from 6.6% in December 2023.
The Kenya National Bureau of Statistics (KNBS) revealed on Wednesday, January 31, that the inflation growth rate was the highest in four months.
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The fast increase in consumer prices since October last year coincided with the start of the new school year, placing further strain on household budgets.
During the period under review, the cost of electricity soared by 13.7% (50kw), exercise books (3.5%) and private tuition-primary (3.5%).
“The overall year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 6.9%, in January 2024. 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,” KNBS stated.
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