A recent report by the Kenya National Bureau of Statistics (KNBS) indicates a significant decrease in the prices of essential items, spanning from food to non-food items, over the past month.
The report, covering the period between February 2024 and March 2024, highlights a notable decline in prices.
Specifically, six food items exhibited a price reduction ranging from 2.8 per cent to 9.6 per cent, while non-food items experienced a decrease ranging between 2.3 and 3.5 per cent.
As outlined in the report, the prices of a kilogram of carrots dropped by 2.8 per cent, a 2-kilogram packet of wheat flour declined by 4.8 per cent, maize grain (loose) also dropped by 4.9 per cent, while fortified maize flour showed a 5.1 per cent drop in prices.
A kilogram of sugar dropped by 5.3 per cent while a sifted 2-kilogram packet of maize flour recorded a 5.8 per cent drop and a kilogram of maize flour (loose) dipped by 9.6 per cent.
Regarding non-food items, the cost of a litre of Kerosene dropped by 2.3 per cent, while a litre of Diesel and petrol declined by 2.6 per cent and 3.5 per cent respectively.
The cost of 50 Kilowatts and 200 Kilowatts of Electricity was also on the same trajectory as prices dropped by 0.4 and 0.3 per cent respectively.
Overall, the inflation rate decreased from 6.3 per cent recorded the previous month to 5.7 per cent in March 2024.
An inflation rate is defined as a percentage change in the Consumer Price Index during a specified period.
"Consumer Price Index (CPI) is a key macroeconomic indicator used to monitor price movements and how they affect policy decisions. It is defined as a measure of the weighted aggregate change in retail prices paid by consumers for a given basket of goods and services," the statement read in part.
"Year-on-year inflation is used mainly for economic decision making as the current situation is compared to the previous year's situation, same period."
The CPI is based on several factors including the transport index (measures the average prices of fuel), housing, water and electricity index as well as the food and non-alcoholic beverages index.
