November 30, 2017 / 1:00 PM / in 3 years

Kenya's inflation falls to its lowest in more than 4 years

Shoppers look at Brookside dairy milk products displayed on a shelf inside the Nakumatt Lifestyle supermarket in Kenya's capital Nairobi, July 18, 2014. REUTERS/Thomas Mukoya

NAIROBI (Reuters) - Kenya’s inflation fell in November to its lowest in four years and seven months, driven by a slower rise in food and non-alcoholic drink prices, the statistics office said on Thursday.

The Kenya National Bureau of Statistics said inflation fell to 4.73 percent year-on-year from 5.72 percent a month earlier. November’s inflation rate is close where it last was in February 2013, at 4.45 percent.

The statistics office said inflation on food and non-alcoholic drinks slowed to 5.79 percent year-on-year from 8.47 percent, while it fell 1.33 percent month-on-month. The category has a 36.04 percent weight in the goods used to calculate inflation.

Month on month, overall inflation was -0.23 percent from -0.63 percent previously, the Kenya National Bureau of Statistics said in a statement.

The government’s target is for inflation to be in the 2.5-7.5 percent band in the medium term.

In mid-November, the central bank governor said he expected inflation of about five percent in 2018 and beyond, less than half the rate it reached earlier this year.l

Last week the bank held its main lending rate at 10 percent, saying inflation was expected to drop further.

Reporting by George Obulutsa, Editing by William Maclean

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