- October recorded the lowest inflation of the year, at 2.7%.
- A significant decline occurred between March (5.7%) and October (2.7%) 2024
Kenya experienced a significant inflation decrease in the final months of 2024, indicating price stabilization, possibly due to favorable conditions in key categories such as housing, water, and fuels.
As of December 2023, the inflation showed no signs of ease, staying at its peak level towards the end of February 2024. The inflation rate, which began at 6.6% in December 2023, steadily increased throughout the year, reaching a historic lowest of 2.7% in October 2024.
Source: The Kenya National Bureau of Statistics
In January 2024, the Consumer Price Index (CPI) rose to 138.15, while inflation reached its highest peak of the year at 6.9%, indicating a significant rise compared to December 2023.
The inflation rate began making a downward trend from February to April 2024, decreasing from 6.3% in February to 5.0% in April as CPI changes stabilized, indicating a progressive ease on consumers.
Between the months of May and August 2024, inflation consistently declined, stabilizing at around 4.4% as the CPI peaked gradually.
Kenya recorded the sharpest decrease in September to October, with inflation dropping from 3.6% in September to 2.7% in October, marking the lowest in more than a decade.
There was, however, a slight fluctuation in November and December, with inflation rebounding from 2.8% to 3.0% in the respective months. The slight difference was driven by a CPI increase from 140.81 to 141.66.
In December 2024, there was a 4.8% increase on food and non-alcoholic beverages, primarily due to higher prices for maize (sifted and fortified) and vegetables, despite a decrease in prices for items such as mangoes and potatoes.
However, housing, water, electricity, gas, and other fuels declined by 0.2% over the year. Transport costs increased marginally, at 0.1% over the year, showing variability, including a sharp increase in fares in December due to seasonal factors.
Inflation Rate Overview in 2024
Source: The Kenya National Bureau of Statistics
