By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Inflation risks loom despite slight dip: CBK Report
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > News > Inflation risks loom despite slight dip: CBK Report
News

Inflation risks loom despite slight dip: CBK Report

new5nuke
Last updated: December 6, 2023 7:17 am
new5nuke
2 years ago
Share
SHARE

In the latest update on Kenya’s economic situation, the Central Bank of Kenya (CBK) has highlighted persistent inflation risks, even though there was a slight drop in the inflation rate from 6.9% in October to 6.8% in November 2023.

According to CBK’s findings, the decrease is attributed to lower prices of crucial non-vegetable items, like maize and wheat flour.

Food inflation saw a decline from 7.8% in October to 7.6% in November, driven by reduced prices of essential non-vegetable items.

However, the prices of certain vegetables like onions, tomatoes, and carrots remained high due to lower supply. Additionally, fuel inflation rose to 15.5%, up from 14.8% in October. Non-food non-fuel (NFNF) inflation slightly decreased to 3.3% in November from 3.6% in October.

“The risks to inflation are elevated in the near term, reflecting the impact of second-round effects of the rise in fuel inflation and pass-through effects of the exchange rate depreciation,” stated CBK.

Also read: Kenya listed among countries with highest inflation rates

The bank emphasized that inflation risks remain high in the short term, influenced by the effects of increasing fuel prices and exchange rate depreciation. Despite this, the GDP data for the second quarter of 2023 indicates a robust performance, with real GDP growing by 5.4%, up from 5.2% in the same quarter of 2022.

READ MORE  Govt. announces plan to re-open Garissa immigration offices

This growth is attributed to a strong rebound in the agriculture sector and resilient services sectors, including information and communication, transport and storage, financial and insurance, and accommodation and food services. Leading indicators for economic activity suggest continued strength in the third quarter of 2023.

CBK is optimistic about the future, stating, “Despite global uncertainties, the economy is expected to continue to strengthen in 2023 and remain strong in 2024, supported by a resilient services sector, the rebound in agriculture, and implementation of measures to boost economic activity in priority sectors by the Government.”

However, it’s noteworthy that goods exports faced a 2% decline in the 12 months leading to October 2023 compared to the same period in 2022. This report underscores the need for careful monitoring of inflation trends and continued efforts to support key sectors for sustained economic growth.

At least 28 citizens are injured by a Russian bomb in Kharkiv, Ukraine, according to officials.
Ruto declines to sign Finance Bill and returns it to Parliament.
Azimio to resume anti-government protests on May 2
Important Details About Mohammad Mokhber, Who Is Proposed to Be Iran’s Temporary President
Kenyans borrow Sh30 billion from Hustler Fund in six months
Share This Article
Facebook Email Print
Previous Article Why Milly Chebby fell out with actress Jackie Matubia – Comedian Terence
Next Article EPL: Thierry Henry names best defender
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • 23-year-old man dies after being shot on Ngong Road during Gen Z protests
  • Gov’t says over 1,000 national identity cards destroyed during Nyandarua protests
  • Real Madrid: Gonzalo Garcia reminds me of Raul – Alonso
  • Change of Guard: President Ruto makes new appointments, promotions in KDF
  • He’s rough around edges – Alan Shearer on Chelsea’s Delap

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?