Slight Increase in Inflation Rate Recorded in November 2024
December 2, 2024
The Kenya National Bureau of Statistics (KNBS) has released the Consumer Price Index (CPI) for November 2024. The headline inflation rate, which measures the year-on-year (annual) change in prices, was 2.8%, a slight increase from 2.7% recorded in October 2024.
Key Points:
- Overall inflation rate in November 2024 was 2.8%.
- Month-on-month inflation rate was 0.3%.
- Food and Non-Alcoholic Beverages saw the highest price increase (4.5% annually).
- Transport experienced a decrease in prices (-1.1% annually).
Understanding Inflation:
The CPI is a crucial indicator used to track price movements and their impact on policy decisions. It reflects the weighted average change in prices consumers pay for a basket of goods and services. Year-on-year inflation compares current prices to those of the same period in the previous year.
Data Collection:
KNBS collects retail price data for the CPI during the second and third weeks of each month. Prices are gathered from a representative sample of retail outlets across 50 urban zones throughout Kenya. Nairobi City County accounts for 14 zones, while the remaining 36 are spread across other urban areas. These zones encompass outlets catering to low, middle, and high-income residents.
How Inflation Affects Your Money:
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
Note and more information:
For detailed information and figures, please visit the KNBS website: https://www.knbs.or.ke/reports/consumer-price-indices-and-inflation-rates-november-2024/
Posted by: Yuthufu