Kenya’s inflation rate unexpectedly climbed in May, fueled by soaring sugar prices that outgoing central bank Governor Patrick Njoroge warned may pose a risk to the monetary authority’s expectations that price-growth will ease.
Annual inflation edged further away from the central bank’s 2.5% to 7.5% target range, accelerating to 8%, compared with 7.9% last month, the Kenya National Bureau of Statistics said Wednesday in an emailed statement. The median estimate of six economists in a Bloomberg survey was 7.8%, with forecasts ranging from 7.2% to 8.2%. Prices rose 0.9% in the month.
Read More : Kenya’s Inflation Surprises with an Unexpected Increase as Sugar Prices Surge