VenturesNow

Kenya’s March inflation rate falls to 5.7%

Published

9 months ago

March 30, 2024

Kenya’s statistics office has revealed that the inflation rate in the country fell in March compared with a month earlier, driven by falling prices of some food items and transport costs.

A release from the Kenya National Bureau of Statistics stated that the country’s inflation rate decreased from 6.3% in February to 5.7% in March. According to the office, month-over-month, inflation was 0.2% as opposed to 0.1% in February.

In the medium run, the government prefers an inflation rate between 2.5% and 7.5%. On April 3, the central bank is expected to make public its most recent lending rate determination. The bank increased its benchmark rate from 12.5% to 13.0% in February.

This indicates that the overall price level was 5.7% higher in March 2024 than it was in March 2023. The primary causes of this were rises in the pricing of goods under the following categories: housing, water, electricity, gas, and other fuels (8.0%); food and non-alcoholic beverages (5.8%); and transportation (9.7%).

Real GDP growth in Kenya decreased to 5.5% in 2022 from 7.5% in 2021, a decrease that can be attributed to the drought, rising commodity prices, and challenging global financial conditions. The African Development Bank predicts that household consumption and services will propel GDP growth of 6.0% in 2024 to be triggered by services and household consumption among other key sectors and factors leading to this growth.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

19 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”