Business confidence drops to a new low on inflation, poll jitters

Mary Nyambura weighing 2 kilograms of floor at the posho mill at Maraba estate in Kakamega town on May 4, 2022. [Benjamin Sakwa, Standard]

Kenyan firms slowed down on hiring in May as business conditions on account of high fuel prices, weakening shilling and input shortages.

It was the second consecutive month where the business environment deteriorated due to multiple factors, which saw business confidence drop to a record low, according to Stanbic Bank’s Purchasing Managers’ Index (PMI) report for May.