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Kenya's inflation rate falls again

BUSINESS
By | December 28th 2012

Nairobi, Kenya: Kenya's year-on-year inflation rate fell for the 13th straight month in December, the statistics office said on Friday, undercutting market expectations.

Year-on-year inflation eased to 3.20 percent from 3.25 percent in November. Month-on-month inflation was 0.69 percent.

Food and non-alcoholic beverage inflation, which carries a 36.04 percent weighting in the basket of goods used to measure inflation, inched down to 1.73 percent year-on-year from 1.74 percent.

Inflation for housing, water, electricity, gas and other fuels also dropped, to 3.89 percent from 4.47 percent.

A Reuters survey of five analysts had forecast overall inflation in a range between 3.25 percent and 4.00 percent.

Inflation in east Africa's biggest economy peaked at just under 20 percent in November 2011 and has fallen since, due in part to the central bank's tight monetary policy and slower increases in food prices following good rainfall.

-Reuters

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