Kenya’s Inflation Rate Drops to 3.6% in September, Marking a 12-Year Low

Kenya’s inflation rate fell to 3.6 per cent in September 2024, down from 4.4 per cent in August, according to the Kenya National Bureau of Statistics. This marks the lowest inflation rate recorded in nearly 12 years since December 2012.

The month-on-month inflation increased slightly by 0.2 per cent. The decline in the annual inflation rate is attributed to weaker growth in food and energy prices, which eased the overall consumer price index. Notably, prices of food and non-alcoholic drinks rose by 5.1 per cent compared to the previous year, the slowest rate since December 2020.

The Kenyan government aims for an inflation target between 2.5 per cent and 7.5 per cent in the medium term, Reuters noted. The central bank is set to announce its next interest rate decision on October 8, however. Earlier this year, Kenya experienced economic improvements, with inflation hitting a 23-month low of 6.3 per cent in February and declining to 4.6 per cent in June. This decrease is significant, given that inflation peaked at 9.2 per cent in 2023. However, the economy faced challenges in July due to disruptions from #RutoMustGo and anti-tax protests, which affected the performance of the Kenyan Shilling.

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