KNBS says cost of living in January better

NAIROBI, KENYA: January inflation dropped to 4.7 percent from 5.7 percent in December, the Kenya National Bureau of Statistics said on Thursday.

The body attributes the fall to affordable fuel price and lower cost of foodstuffs compared to the same period the previous year.

“For instance, maize grain recorded a drop of 40.6 per cent from Sh59.9 per kilogram in January 2018 to Sh35.25 in January this year. Over the same period, the housing, water, electricity, gas and other fuels index increased by 0.20 per cent as a result of higher cost of house rents and cooking fuels.

On Monday, the central bank held its benchmark lending rate at 9.0 percent, saying inflation was anchored within the target range.

The government preferred band for inflation is between 2.5 and 7.5 percent in the medium term.