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Kenya's cost of living could be eased in the first three months of 2023.
A report released by the ICEA Lion Group showed that the country's economy could rebound by 6% following the global economic downturn.
The growth is expected in key sectors like agriculture, manufacturing, transport and communication among others.
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Murigi, however, noted this will be possible in the absence of the factors like drought and elections that impacted growth in 2022.
He also attributed the growth to normal or near-normal rainfall expected to resume during the long rains season.
The report dubbed ‘global downturn, local resilience’ anticipated a drop in Kenya's inflation below the Central Bank of Kenya (CBK) target rate of 7.5%.
In December 2022, Kenya's inflation reduced slightly from 9.5% recorded in November to 9.1%.
Data from the Kenya National Bureau of Statistics (KNBS) showed food and fuel prices increased by 13.8% and 12.7%, respectively.
Transport costs went up by 13% while housing, water, electricity and other fuels increased by 6.2%.
The report furth expect the financial sector to rebound with growth in the private sector credit approaching a high double-digit.
Murigi noted that if the government cuts spending and overreliance on external borrowing, debt repayment will not be an issue.
This resonates with the government's plan to slow down on external borrowing to ease pressure on the National Treasury.
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Source: TUKO.co.ke
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