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Kenya's overall inflation rate drops

30 September 2014, 11:04

Nairobi -  Kenya's overall monthly inflation slowed down to 6.6 percent in September from 8.36 percent in the previous month due to falls in energy prices, the statistics bureau said on Monday.

The Kenya National Bureau of Statistics (KNBS) said the Consumer Price Index (CPI) computed using the geometric mean approach rose by 0.15 percent from 152.02 in August to 152.24 in September.

During the review period, Food and Non-Alcoholic Drinks' Index rose by 0.15 percent, the KNBS said in a statement. "Between August and September, Food and Non Alcoholic Drinks' Index increased by 0.58 percent. The aggregate rise resulted from observed increases in the prices of several food commodities outweighing notable falls in the prices of others," the bureau said.

Analysts said the decline in inflation and the weakening of the local currency seen over the past two weeks might result in reduced lending rates as well as reduce the cost of living.

"Over the same period, Housing, Water, Electricity, Gas and Other Fuels' Index decreased by 0.52 percent. This decline was attributed to notable falls in cost of kerosene and electricity," it said.

Read also: Shilling weakens, Centum leads stocks higher

According to the bureau, electricity prices were lower in September compared with August due to reduction in fuel cost and Forex adjustment charges.

During the same review period, the Transport Index decreased by 0.41 percent mainly due to reduction of pump prices of petrol and diesel in September compared to August.

There has been a steep rise in prices of electricity in the East African nation in the past months, in turn affecting the manufacturing sector.

But the latest review which has seen the prices of electricity fall will be welcomed by the industrialists who are consuming 15, 000 kilowatts per hour of power.

Manufacturers have complained before that the high prices are lowering their competitiveness in the region, besides pushing up the cost of goods.

- Xinhua

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