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Kenya Inflation, Economic Growth Forecasts Cut by PineBridge

Oct. 6 (Bloomberg) -- Inflation in Kenya, East Africa’s biggest economy, may peak at 20.7 percent in the first quarter of next year, while economic growth will likely slow, Edward Gitahi, senior investment manager at PineBridge Investments LLC, said.

The fund manager lowered its inflation forecast from 23.5 percent after the central bank increased interest rates and food prices fell, Gitahi told reporters today in the capital, Nairobi. The economy will probably expand 3.5 percent in 2011, down from a previous estimate of 4.5 percent, he said.

PineBridge’s East Africa unit had $1.1 billion of assets under management at March 31, according to its website.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net

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