CBK raises lending base rate to 8.25%
The Central Bank of Kenya raised the Central Bank Rate (CBR) to 8.25 percent from 7.50 percent to match the rising inflation rate at its August 29 meeting.
“The Committee noted the sustained inflationary pressures, the elevated global risks and their potential impact on the domestic economy and concluded that there was scope for a tightening of the monetary policy in order to further anchor inflation expectations,” CBK’s statement reads.
It added that he Monetary Policy Committee will closely monitor the impact of the policy measures, as well as developments in the global and domestic economy, and stands ready to take additional measures, as necessary.
Kenyans continued to grapple with high cost of living as inflation increased to 8.5 percent in August 2022 from 8.3 percent in July. This was driven majorly by increases in food and fuel prices.
Food inflation remained elevated at 15.3 percent in July and August, largely due to prices of maize grain and flour, and edible oils and wheat products due to the impact of supply chain disruptions.
Fuel inflation increased to 8.6 percent in August from 8.0 percent in July, mainly driven by fuel and gas (LPG) on account of higher international oil prices.
The Regulator said it expects inflation to remain elevated in the near term, due in part to the scaling down of the Government price support measures, resulting in increases in fuel and electricity prices, the impact of tax measures in the FY 2022/23 Budget, and global inflationary pressures.
The government scrapped its fuel and maize flour subsidies which led to hike in commodity prices.
The price of petrol increased by KSh 20 to KSh 179.3o per litre while diesel and kerosene prices are up by KSh 20 and KSh 25 respectively, piling on misery for a population already facing deep economic hardship.
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