March inflation rate drops to 5.7pc due to a decrease in food, fuel prices

The prices of a 2 kg packet of fortified and sifted maize flour dropped in March. [File, Standard]

The inflation rate for March dropped to 5.7 per cent from 6.3 percent in February, the Kenya National Bureau of Statistics (KNBS) now says.

This is despite an increase in the prices of some food items, transport, housing, and water among others.

However, KNBS Director-General Macdonald Obudho noted a significant drop in the prices of select commodities in March.

The price of a fortified 2 kg packet of maize flour dropped by 5.1 per cent this month, while a 2 kg sifted maize flour packet dropped by 5.8 per cent.

A 2 KG packet of wheat flour dropped by 4.8 per cent, while the prices of a 1 packet of sugar and a kilogram of carrots dropped by 5.3 per cent and 2.8 per cent respectively.

But, the prices of vegetables like tomatoes, cabbages, onions, and potatoes all rose in March.

The drop in the inflation rate would also have resulted from the decrease in fuel prices this month.

Prices of one litre of petrol, diesel, and kerosene dropped by 3.5 per cent, 2.6 per cent, and 2.3 per cent respectively.

The prices of cooking gas and rent went up 1.4 percent, and 0.4 percent respectively.

“The housing, water, electricity, gas, and other fuels' Index increased by 0.2 per cent between February and March 2024, mainly due to an increase in prices of gas/LPG by 1.4 per cent. However, during the same review period, the prices of kerosene went down by 2.3 per cent,” the Statistics Bureau noted.

Matatu fares also noted a drop owing to the decrease in fuel prices.