Kenya: Inflation moves further above target range in May
May 31, 2017
Consumer prices rose 0.8% in May compared to the previous month, coming in below the 1.8% increase observed in April. May’s increase mainly reflected higher prices in the food and non-alcoholic beverages and the alcoholic beverages, tobacco and narcotics categories.
Inflation increased from 11.5% in April to 11.7% in May, the highest reading in five years. The figure remained above the Central Bank’s inflation target range of 5.0% plus/minus 2.5 percentage points for the third consecutive month. Annual average inflation also rose, increasing from 7.3% in April to 7.8% in May, the highest number in over four years.
Author: Christopher Mc Innes, Economist