The Kenya National Bureau of Statistics reported that inflation reached 7.1% in May 2022, fueled by surging food and fuel prices that continue to strain household budgets.
This marks an increase from 6.47% in April, with the rise attributed to higher costs for food and non-alcoholic beverages (12.4%), furnishings and household maintenance (7.9%), transport (6.4%), and housing-related expenses (6.0%).
Key commodity prices showed significant growth compared to April. A 2kg pack of sifted maize flour rose 6.9% to Sh147.57, while a litre of cooking oil climbed 5.3% to Sh370.71. Milk prices also increased by 3.7% to Sh57.30 per 500ml. Transport fares mirrored fuel price hikes for petrol, diesel, and kerosene.
The Central Bank of Kenya responded by increasing its policy lending rate by 0.5 percentage points to address inflationary pressures and stabilize the shilling.