Kenya’s Inflation Rate Rises to 17-Month High
Inflation rate for July 2021 has risen to a 17-month high as a result of the rising cost of electricity, cooking gas, airtime and transport.
According to the monthly inflation data released by the Kenya National Bureau of Statistics (KNBS), the overall rate of inflation in July rose to 6.44% compared to the 6.32% recorded in June.
This increase was mainly driven by the rise in prices of electricity, cooking gas, airtime and transport. The rise in cooking gas and airtime prices can be attributed to the increase in taxes that started in July after the Finance Bill 2021 came into effect.
What it means for you
With the rise in inflation, the cost of goods and services become more expensive.
On the other hand, it means that your savings and investments should bring you rates that are higher than 6.44% to offset the effects of inflation on your money.
If you want to find out more, here is an article I wrote about the impact of inflation on your savings and investments.
Disclaimer: This article provides information and education for investors. Please do your research and consult your financial advisor before making any decisions.
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