Kenya’s inflation rate will remain above the government’s target until early next year before easing towards the target amid policy measures, Business Daily newspaper reported, citing central bank governor Patrick Njoroge.
Inflation rose to 9.6% in October 2022, a five-and-a-half-year high on higher food prices and energy costs.
Inflation has breached the target range of 2.5-7.5% since June, prompting the apex bank’s monetary policy committee to up benchmark interest rates to curb consumer spending.
“We are addressing the inflation momentum that is there and the policies that were put there, we believe are appropriate,” Njoroge said.
Therefore, inflation is expected to come down in the near future and hit the target band by early next year, the governor stated.
(Editing by Seban Scaria email@example.com )