See also:
» 15.02.2010 - Kibaki overrules PM’s decision
» 26.01.2010 - US withhold Kenya’s education aid
» 21.01.2010 - 50,000 fruit farmers in Uganda and Kenya empowered to supply Coca-Cola
» 14.01.2010 - Kenya to sell shares in 5 sugar companies
» 21.12.2009 - Environmentalists fight developments in Tana River
» 16.12.2009 - Kibaki orders investigation into missing school funds
» 11.12.2009 - Britain bans 20 Kenyan officials
» 10.12.2009 - Efforts intensify to fight malaria in Kenya and Nigeria

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Economy - Development | Agriculture - Nutrition

Kenya's inflation soars to 29.4 percent

afrol News, 2 December - Kenya's annual inflation has accelerated to 29.4 percent in November from the 28.4 percent in October, newly released figures by national bureau of statistics have revealed.

Kenya National Bureau of Statistics statement said the underlying inflation, which excludes food items, eased to 12.3 percent from 13.0 percent of the previous month.

The statement also showed that an average price of two kilograms of maize flour increased from Sh81.75 in October to Sh91.05 in November and of tomatoes and loose grains also escalated in November.

However, it said providing a relief to consumers was a decline in the price of diesel and petrol in the month under review.

Kenya is one of the African countries that have been marred with protests on high food and fuel costs earlier this year when fuel and commodities prices soared to levels that became unbearable to local populations.

Local television station reports have also indicated that the cost of living in the country has continued to spiral despite pledges from the government to contain the situation. However the government has blamed the rising cost of fuel and global food prices as some of the mounting reasons behind the increase in inflation.

In recent weeks, maize shortage doubled the price of maize flour within a year, forcing the government to moved to allow importation of five million bags of maize with the aim of addressing shortages and contain the price.

Last week, the Kenyan government and announced that it could soon break into its grains reserves following an increased demand for grains as a result of failure by the country to produce enough to meet the demands.

As compared to last year, according to a statement, the price of food has gone up by an estimated 39.4 percent. This is followed by fuel and power, whose prices have gone up by 26.9 percent over the last year, and alcohol by 15.1 percent, while medical services are up by 14.6 percent and transport at 13.4 percent.

Meanwhile, the Central Bank of Kenya on Monday introduced new measures aimed at reducing the cost of food, reducing the cash ratio from six to five percent.

The statement from CBK said banks could now borrow money cheaply from the bank, thereby increasing liquidity in the market.

Kenya is the east Africa's biggest economy.

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