Editor's Review

Kenya's inflation rate has dropped from 6.9 percent in October 2023 to 2.7 percent in October 2024 - Survey.

Kenya's inflation rate has dropped from 6.9 percent in October 2023 to 2.7 percent in October 2024, a study by the Kenya National Bureau of Statistics (KNBS) shows.

In the report released on Thursday, October 31, KNBS disclosed that the inflation rate in October 2024 was a further decrease from that of September 2024, which was at 3.6 percent.

“Overall year-on-year (annual) inflation rate as measured by the Consumer Price Index (CPI) was 2.7 percent in October 2024; a decrease from an inflation rate of 3.6 percent recorded in September 2024. The month-to-month inflation rate was 0.2 per cent in October 2024.

"The annual inflation was mainly due to movement in prices of commodities under the classifications of Individual Consumption by Purpose (COICOP) divisions," KNBS stated.

The report indicates that electricity prices dropped by 8.0 percent for 50 kilowatts and by 14.4 percent for 200 kilowatts.

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An illustration of the change in prices of a section of commodities over the last one year.

Similarly, there were notable reductions in the prices of fuel, sugar, maize flour, and wheat flour over the period.

Conversely, prices increased for items such as cooking gas, cooking oil, mangoes, oranges, tomatoes, beef, and kales.

The report by KNBS comes after an agricultural survey by the Central Bank of Kenya (CBK) projected a price drop in major food items.

In the report released on October 14, sugar, milk, rice, wheat flour and maize flour were among food items expected to drop in price in October.