Kenya inflation rises to 4.45 percent in February

East Africa, Economy, Kenya — By AfricaTimes on February 28, 2013 12:14 pm

Consumer prices in Kenya rose 0.71 percent in February, pushing the year-on-year inflation rate higher for a second month to 4.45 percent, the statistics office said on Thursday.

Inflation had fallen for 13 straight months in Kenya before an uptick was recorded in January. Analysts say they expect a weakening shilling and election campaign spending ahead of the March national poll to push up inflation.

The inflation rate was above expectations, pushed higher by a rise in costs of food and non-alcoholic drinks, which carries a 36.04 percent weighting in the basket of goods used to measure inflation.

The National Bureau of Statistics said food and non-alcoholic beverage inflation rose 4.03 percent year-on-year.

Housing, water, electricity, gas and other fuels, which carries an 18.3 percent weighting in the Consumer Price Index basket, increased by 4.68 percent compared with the same period last year.

A Reuters poll of 11 analysts and traders forecast overall inflation to increase to a median estimate of around 4.30 percent.

Reuters.

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