By: Business Insider
Kenya’s economy continues to experience some relief as its inflation fell in March. In February, the country’s inflation hit a 23-month low of 6.3%. Its inflation has fallen further from the figure recorded in February to 5.7% year-on-year in March. This inflation drop is the second in two months, as gasoline price is set to drop.
A report posted by the Kenyan Bureau of Statistics stated “The overall year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 5.7 percent, in March 2024. This means that in March 2024, the general price level was 5.7 percent higher than that in March 2023.”
It also added; “This was mainly driven by increases in prices of commodities under Transport (9.7%); Housing, Water, Electricity, Gas, and other fuels (8.0%); and Food and Non-Alcoholic Beverages (5.8%) between March 2023 and March 2024.”
This is also similar to last month when a drop in the cost of essential foods relieved strain on most low-income households.
According to the report, Kenya’s rate of inflation at this time last year stood at 9.2% and has since then been on a steady decline.
“This means that in March 2024, the general price level was 5.7 percent higher than that in March 2023,” the report states.
Additionally, it was reported earlier this month that the Kenyan economy is about to catch a break as gasoline prices fall for the first time since August. This development also represents Kenya’s highest month-on-month decline, with prices lowering by up to Ksh7 per liter effective immediately.
Super petrol currently costs less than Ksh200 per liter. The new price is set to take effect from now till April 14th according to the latest pricing schedule, and is intended to ease the stress from the country’s rising cost of living.
