Manufacturers fault review of key lending rate

KAM Chief Executive Anthony Mwangi noted that inflation affects everyone, unlike interest rates.

"If you look at interest rates, sometimes it affects a certain group of people, like those with loans. It is good to look at the drivers of inflation," said Mr Mwangi.

Kenya National Bureau of Statistics (KNBS) data showed March inflation stood at 9.2 per cent, driven largely by increased prices of food and non-alcoholic beverages at 13.4 per cent.

"The prices of cabbages, carrots and potatoes(Irish) increased by 8.9, 8.5 and 8.0 per cent respectively between February 2023 and March 2023," said the State statistician.

Mwangi said the inflation rate would be lower than the recorded 9.2 per cent if the country were food sufficient.

"We do not have maize. We have not imported maize since last year," he said.

The lobby urged the government to subsidise the cost of farm inputs to bring down the cost of production.