State getting a grip on cost of living as inflation drops to within target
Inflation—a measure of the cost of living over a 12-month period—has since dropped to 6.7 percent, finally sitting within the official target of between 2.5 and 7.5 percent.
This has been welcomed by the Ruto administration, which has been under pressure to bring down the cost of living as they had promised in their campaigns.
Read: Inflation slows down VAT growth to softest in a decade
By the time the President was being sworn in in September last year, the country was experiencing a debilitating drought.
This depressed the harvest of major crops and livestock products, pushing up the retail prices of foodstuff in the country.
Inflation—a measure of the cost of living over a 12-month period—stood at 9.18 percent, the highest since June 2017.
In the next month, inflation jumped to 9.6 percent as the new government came under pressure to bring down the cost of living as they had promised in their campaign trail.
The drop in inflation has largely been due to the drop in food prices as the supply of maize and several vegetables improved due to better weather.
Read: May inflation climbs to 8pc on rising food, energy costs
However, prices of electricity and fuel have remained elevated in the last one year. BY K24 NEWS
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