Shilling hits new record low against dollar, stoking inflation fears

CBK) data shows the shilling exchanged at an average of 121.0706 against the dollar. [iStockphoto]

The shilling hit an all-time low against the dollar yesterday, signalling a rise in inflation and a higher cost of imported goods.

Central Bank of Kenya (CBK) data shows the local currency exchanged at an average of 121.0706 yesterday, setting up the country for more expensive imports, electricity and debt servicing distress.