Nairobi, Kenya – The Kenya National Bureau of Statistics (KNBS) has reported that the year-on-year inflation rate, as measured by the Consumer Price Index (CPI), decreased to 2.7% in October 2024. This marks a decline from the previous month's rate of 3.6%.

Key Factors Driving Inflation:

• Food and Non-Alcoholic Beverages: This category saw a price increase of 4.3% year-on-year, contributing significantly to the overall inflation rate.
• Housing, Water, Electricity, Gas, and Other Fuels: Prices in this category rose by 0.4% year-on-year.
• Transport: Notably, prices in the transport sector decreased by 1.3% year-on-year.

Monthly Inflation: The monthly inflation rate, calculated as the change in the CPI from September to October 2024, was 0.2%. This indicates a slight increase in prices over the month.

Impact on Consumer Prices: The KNBS's data is collected through a monthly survey of retail prices, covering a representative basket of household consumption goods and services. The survey is conducted in 50 data collection zones across the country.

Specific Price Movements:

• Food and Non-Alcoholic Beverages: While overall prices increased, specific items like mangoes, carrots, and oranges experienced significant price hikes. Conversely, sugar, maize flour, and fortified maize flour saw price decreases.
• Housing, Water, Electricity, Gas, and Other Fuels: Kerosene and LPG prices declined, while electricity prices increased slightly.
• Transport: Petrol and diesel prices decreased, contributing to the overall decline in the transport sector's inflation rate.

How Inflation Affects Your Money:

 Yuthufu.com

Curious how much your Kenyan Shilling has changed in value? See what 1 KES from 1963 could buy today using our inflation calculator available at yuthufu.com 

Notes & References:

https://www.knbs.or.ke/reports/consumer-price-indices-and-inflation-rates-october-2024/