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Kenya Inflation May 2023

Kenya: Inflation increases in May

Inflation came in at 8.0% in May, up from April’s 7.9% and above market expectations. The result was largely due to rising price pressures for food and non-alcoholic beverages, housing and utilities, and transport.

The trend pointed up slightly, with annual average inflation coming in at 8.8% in May (April: 8.7%).

Lastly, consumer prices increased 0.90% over the previous month in May, picking up from April’s 0.50% increase. May’s uptick marked the highest reading since September 2022.

Regarding the outlook, EIU analysts commented:

“Shilling depreciation, which remained brisk in April before slowing in May, will erode the benefit of lower global oil prices in 2023 and raise the cost of food imports, adding to inflationary pressure. The outlook for food prices—a critical variable in the inflation equation—will also depend heavily on rainfall, especially during the main wet season in March-May.”

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