Government says country's inflation rate has dropped to 3.6% from 9% early 2024 as a result of economic growth in key sectors

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PHOTO: Government Spokesman Dr. Isaac Mwaura during the Press briefing at KICC, Nairobi.

NAIROBI, Kenya, Nov 4...The Government Spokesman Dr. Isaac Mwaura in a press briefing has said government has taken decisive steps to alleviate the high cost of living directly impacting Kenyans' daily expenses highlighting efforts driven by sector-specific initiatives bearing fruit in latest economic indicators.

Government notes that to boost food security and ensure accessible pricing supported by fertilizer subsidy program aim at enhancing farm productivity and increasing yields.

"Farmers in regions such as Riftvalley and Central Kenya have benefited significantly, reporting higher harvests that have led to more affordable stable food like maize and beans across the country", said Dr. Mwaura.

Furthermore, Kenyan shilling has seen a remarkable stabilization agains the US dollar currently standing at Ksh 130 compared to Ksh 162 at the begining of the year.

"The currency stability is a major advantage especially in a global economic landscape that faces perpersest volatility, it has led to greater predictability for import costs which has ripple effects across various sectors with importers can now plan and budget more effectively as stable currency rates reduce unforeseen expenses", added Mwaura.

In addition Kenya's inflation rate has shown a marked steady reduction as a result of targeted economic reforms in key sectors particularly in energy and agriculture with inflation significantly dropping to 3.6 percent lowest level since 2012 down from 9 percent in 2024.

Several corporations in the country that had previously been struggling financially are now on profitable trajectory including Kenya Power and Lightning Company (KPLC) reporting a net profit of Ksh 30 billion adding 447, 251 new customers.

Kenya Airways for the first half of 2024 reported Ksh 513 million after tax, while KenGen reported 35 percent profit after tax for the fiscal year ending June 30 2024 to Ksh 6.8 billion up from 5 billion.

"The International Monetary Fund (IMF) has affirmed that Kenya's economic growth is above average attributing it to the prudent management of Kenya's economy and early 2 billion USD Euro bond debt, IMF recently approved USD 606 million (Ksh 78 billion) in funding for development projects in the country", stated the Government Spokesman.




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