Kenyan Inflation Surprises as El Niño Fans Food Costs
- Consumer prices rose 5.1% in May, median estimate was 4.7%
- Uptick will likely see central bank hold interest rates
A farmer checks on a maize crop destroyed by floods at his farm in Rongai, Nakuru County, Kenya, on May 3, 2024.
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Kenyan annual inflation unexpectedly quickened for the first time in four months as floods impacted food prices.
Consumer prices rose 5.1% in May, compared with 5% the month before, the Kenya National Bureau of Statistics said Friday in an emailed statement. The median estimate of five economists in a Bloomberg survey was 4.7%. Prices rose 1% in the month.