Kenya Inflation October 2022

Kenya

Kenya: Inflation jumps to over five-year high in October

October 31, 2022

Inflation came in at 9.6% in October, which was up from September’s 9.2%. October's result was the highest inflation rate since May 2017. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a brisker pace in October. Additionally, prices for transportation also rose at a stronger pace. These more than offset housing, utilities and fuel prices increasing at a more moderate pace in October.

Accordingly, the trend pointed up; annual average inflation rose to 7.1% in October (September: 6.8%).

Finally, consumer prices increased a seasonally adjusted 0.89% over the previous month in October, largely in line with September's 0.92% rise.

FocusEconomics Consensus Forecast panelists expect inflation to average 7.3% in 2023, which is up 0.1 percentage points from last month’s forecast. For 2024, the panel sees inflation averaging 6.0%.


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Kenya Inflation October 2022

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: Kenya National Bureau of Statistics (KNBS).


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