Posted 11/10/2023, 7:30:38 AM
Inflation Soars on Fuel Costs But Slowing Food Prices Offer Respite as Kenya Grapples with Economic Distress
- Rising inflation mainly due to increased gasoline costs, but declining food prices provide some relief
- Record-low shilling value of 151.3 to dollar impacts imports and foreign debt repayment
- Reduced fuel consumption and high pump prices causing economic strain
- PMI hits 46.2, a low point, as majority of businesses shelve expansion plans
- GDP grew 5.4% in Q2 over last year, providing some hope amid distress