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According to statistics released by the statistics office on Tuesday, gasoline, transportation, and food price increases were major factors in Kenya’s October minor increase in the country’s annual inflation rate.
October 2023 had an overall annual inflation rate of 6,9 percent according to the Consumer Price Index (CPI). In the reference month, price increases were observed in every industry. The month saw an increase in inflation from 6,8 percent to 6.9 percent year over year.
Prices of goods under the following categories between October 2022 and October 2023: transportation (13,6 percent); housing, water, electricity, gas, and other fuels (7,8 percent); and food and non-alcoholic beverages (7,8 percent).
According to the inflation report by Kenya’s National Bureau of Statistics, released on Tuesday, more than 57 percent of the weights assigned to the 13 main categories are made up of these three divisions.
The data gathered from monthly retail pricing surveys, which focus on a representative basket of products and services for home use, is used to calculate the CPI and inflation. The second and third weeks of the month are used to gather data from a sample of outlets spread throughout 50 data.
“Food and Non-Alcoholic Beverages Index increased by 1,3 percent between September 2023 and October 2023, The Housing, Water, Electricity, Gas and Other Fuels Index went up by 1,9 percent between September 2023 and October 2023. This was mainly due to an increase in the prices of gas, the electricity of 200 kWh, 50 kWh, and kerosene by 7.3, 5.0, 3.3 and1.2 percent, respectively, between September 2023 and October 2023. ” the report reads.
“The Transport Index increased by 1,5 percent between September 2023 and October 2023.
“The sector increase was mainly attributed to a rise in prices of petrol and diesel by 2,7 percent and 2,2 percent, respectively.” the report added. – Business Insider Africa
Online Reporter