Inflation rate to hit below 5% in May; Ruto Economic Advisor
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Ruto Economic Advisor, David Ndii says government targets to lower the inflation rate to below 5 percent by May
Ruto Economic Advisor, David Ndii says government targets to lower the inflation rate to below 5 percent by May.
In a statement dated March 30, David Ndii noted that the inflation rate had already begun to drop in 2024.
The inflation rate is the percent increase of basic commodities over a given period of time.
Ndii who serves as chairperson to the Presidential Economic Council cited data from the Kenya National Bureau of Statistics (KNBS) which showed that the inflation rate dropped to 5.7 percent in March.
“We are on track for a percentage below 5% by May,” he stated.
On the other hand, he noted that the government would shift its focus to five economic factors after the drop in inflation. Among them is taming the current budget deficit.
Ruto’s first budget of Ksh4 trillion had a deficit of Ksh700 billion, a move that forced the government to take up loans to implement various projects.
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This has also seen Ruto come under sharp criticism for the recent loans taken up by the government from foreign governments and multinational institutions such as the World Bank and the International Monetary Fund (IMF).
Ndii added that the government would also be aiming to lower the current interest rate to 10 percent and below. Through this, Kenyans will be able to get cheaper loans.
Further, he indicated that Ruto would also focus more on agriculture which has been one of the pillars for the administration. Under this programme, the government introduced fertiliser subsidies.
Additionally, the government will be accelerating the transition to electric vehicles.
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