Inflation rate increases to 4.4% in Kenya

The consumer price index that measures inflation rate in Kenya surged to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.

On Month on Month reading, inflation was flat at 0.0% from -0.2% in July, the Kenya National Bureau of Statistics said in a statement.

As part of an effort to achieve price stability, the Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium term.

Kenya’s central bank cut its benchmark lending rate by 25 basis points earlier this month, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.