(Nairobi) – Kenyans experienced a welcome decrease in inflation in October 2024, with the overall rate falling to 2.7 percent, down from 6.9 percent in October 2023. According to data from the Kenya National Bureau of Statistics (KNBS), monthly inflation also reduced, reaching 3.6 percent in October 2024.
KNBS attributed this inflation drop to lower costs in transportation, food and non-alcoholic drinks, and household utilities, including water, electricity, gas, and fuel. Key staples like maize flour, wheat flour, and kale saw slight price decreases in October. Additionally, the prices of petrol and diesel also fell, contributing to reduced transportation costs for consumers.
Despite the overall inflation reduction, some essential items saw price hikes during October. KNBS reported notable increases in cooking oil, beef, tomatoes, oranges, carrots, and mangoes. Fruit prices, particularly for mangoes and oranges, rose sharply by 9.9 percent and 5.1 percent, respectively, while tomatoes and carrots saw price increases of 3.7 percent and 5.7 percent, respectively.
Table: Price Changes for Selected Goods – October 2024
| Item | Price Change (%) |
|---|---|
| Mangoes | +9.9% |
| Carrots | +5.7% |
| Oranges | +5.1% |
| Tomatoes | +3.7% |
| Sugar | -2.3% |
| Maize Flour | -1.8% |
| Wheat Flour | -1.7% |
Prices for utilities like water, electricity, and cooking gas dropped slightly, by 0.3 percent, helped by a decrease in kerosene prices by 4.3 percent and LPG gas by 0.4 percent. However, electricity rates rose marginally, with the price for 50 kilowatts increasing by 0.3 percent and for 200 kilowatts by 0.2 percent.
According to KNBS, transportation costs decreased by 0.3 percent between September and October 2024, mainly due to lower fuel prices, with petrol dropping by 4.3 percent and diesel by 2.0 percent.
Earlier this month, the Central Bank of Kenya (CBK) responded to the recent inflation trends by reducing its lending rate by 0.25 percent, reflecting confidence in Kenya’s current inflation control efforts and aiming to maintain inflation within the government’s target range of 2.25 to 7.5 percent.