Fuel price increases pushed inflation in Kenya to a more than two-year high in May, underscoring mounting cost pressures in East Africa’s largest economy amid rising global energy prices linked to tensions involving Iran.
Data released by the Kenya National Bureau of Statistics on Friday showed annual inflation accelerated to 6.7 percent from 5.6 percent in April, marking the highest level since January 2024.
The sharp increase was driven mainly by higher transport costs, which surged 16.5 percent year-on-year compared with 10 percent in April after the government raised fuel prices in both April and May.
The increases followed a rise in global oil prices amid escalating tensions involving Iran and the broader Middle East conflict, which have heightened inflationary pressures across several African economies dependent on imported fuel.
Prices also rose faster for food and non-alcoholic beverages, which climbed 9.4 percent from 8.8 percent previously, as well as housing, water, electricity, gas and other fuels. Related News CBN rate cut fails to unlock credit as Nigerian banks lending decline Tinubu’s approval rating falls to 30% as economic hardship bites harder — Survey Investors are finally betting on corporate risk
