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Kenya Inflation November 2023

Kenya: Inflation falls in November

Inflation came in at 6.8% in November, down from October’s 6.9%. The softer rise was largely due to softer growth in prices for food and non-alcoholic beverages and clothing.

Annual average inflation fell to 7.9% in November (October: 8.1%).

Lastly, consumer prices rose 0.23% in November over the previous month, slowing down from the 1.03% rise logged in October. November’s result marked the weakest reading since August.

On the outlook for inflation in 2024, analysts at the EIU commented:

“The main factor supressing inflation in 2024 will be a much slower rise in food prices […] based on the return of an El Niño weather system, which typically leads to wetter weather and higher farm production in East Africa. El Niño re-emerged in 2023 but will be stronger in 2024. Other inflation dampeners in 2024 will be a slower place of shilling depreciation and slightly lower oil prices. Tax rises in 2023 will also drop out of the inflation equation during the second half of 2024”.

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