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Kenya Inflation June 2023

Kenya: Inflation falls to over one-year low in June

Inflation edged down to 7.9% in June, following May’s 8.0%. June’s figure represented the weakest inflation rate since May 2022, but was slightly above market expectations. The result was driven by moderating price pressures for housing and utilities and transportation.

Annual average inflation remained at May’s 8.8% in June.

Finally, consumer prices increased 0.75% from the previous month in June, below May’s 0.90% rise.

Going forward, inflation is expected to fall from current levels in H2 2023, likely due to the lagged impact of monetary tightening and the expected stabilization of the shilling. However, recent increases in electricity prices and the introduction of new taxes from July will keep price pressures elevated.

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