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Kenya Inflation September 2023

Kenya: Inflation increases in September

Inflation came in at 6.8% in September, which was up from August’s 6.7% and above market expectations. The acceleration in price pressures was largely driven by rising prices for energy plus food and non-alcoholic beverages.

Annual average inflation fell to 8.3% in September (August: 8.5%).

Lastly, consumer prices increased 0.97% in September over the previous month, contrasting the 0.10% fall seen in August. September’s result marked the highest reading since April 2022.

Inflation is expected to ease from current levels in Q4 2023 due to the lagged effects of past monetary tightening. That said, recent currency depreciation, higher oil prices, electricity costs, and new taxes in place since Q3 will keep price pressures high. The scrapping of some of the new taxes due to rising social tensions is a downside risk. Potential heavier rainfall from El Niño is a risk in both directions.

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