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Financial system
Excessive meals and gas costs push inflation fee to 7.1pc
Tuesday Might 31 2022
Rising meals and gas costs pushed the inflation fee to 7.1 % in Might because the excessive value of residing continues to erode consumption energy.
The inflation — a measure of annual adjustments in the price of residing – rose from 6.47 % in April, pushed primarily by meals, transport and gas costs, based on knowledge launched by the Kenya Nationwide Bureau of Statistics.
“The rise in inflation was primarily because of improve in costs of commodities below; meals and non-alcoholic drinks (12.4 %); furnishings, family gear and routine family upkeep (7.9 %); transport (6.4 %) and housing, water, electrical energy, gasoline and different fuels (6.0 %),” KNBS mentioned.
The typical costs of key foodstuffs shot up in comparison with April, with a 2kg packet of sifted maize flour rising 6.9 % to promote at Sh147.57 in Might, a litre of cooking oil was up 5.3 % to Sh370.71, whereas a 500ml packet of milk offered at Sh57.30, up 3.7 %.
Transport fares additionally went up in tandem with the rise in costs of petrol, diesel and kerosene.
Learn: Explainer: Why inflation is so dangerous – public enemy no 1
The Central Financial institution of Kenya on Monday raised its coverage lending fee by half a share level to stem rising inflation and stabilise the shilling.
Learn: Central Financial institution raises rate of interest to tame inflation
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