Kenya’s inflation rate rose to a five-year high of 8.3%
Kenya’s inflation rate rose to a five-year high, driven by increased food and non-alcoholic beverage prices.
According to the monthly inflation data released by the Kenya National Bureau of Statistics (KNBS), the overall inflation rate in July rose to 8.1% compared to the 7.9% recorded in June.
This is despite government subsidies on fuel and other commodities.
The inflation was mainly driven by the increase in prices of food and non-alcoholic beverages, which increased by 1.1% from last month. Housing, water, electricity, gas, and other fuels increased by 0.3%.
What it means for you
With the rise in inflation, the cost of goods and services becomes more expensive.
On the other hand, it means that your savings and investments should bring you higher rates of 8.3% to offset the effects of inflation on your money.
If you want to find out more, I wrote an article 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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