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Central Bank of Kenya Monetary Policy Committee (MPC) has kept the base interest rate unchanged in January 2023.
The committee last changed the rate to 8.75% in November 2022, citing the rising inflation.
In a statement released after Monday, January 30, meeting, CBK noted that the cost of living in the country continues to ease.
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The MPC expressed confidence that inflation will continue to reduce as the government set measures importation of duty-free maize to curb high food prices
Kenya's inflation reduced for the second time from 9.5% recorded in November to 9.1% in December 2022.
The MPC noted that food inflation declined to 13.8% in December 2022 from 15.4% in November, largely driven by a decrease in prices of maize and milk products.
The report also revealed that Kenya's goods export increased 10.9% in 2022, compared to 2021.
Imports to the country also increase by 5.8% during the same year under review, contributed by a 60.3% rise in fuel imports.
In its earlier report, the regulator predicted a further drop in the cost of living in the first quarter of 2023.
CBK governor Patrick Njoroge said the regulator expects inflation to fall within its target range of 7.5% by March 2023.
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Source: TUKO.co.ke
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