Inflation rate in Kenya 2024

In 2018, the average inflation rate in Kenya amounted to about 4.69 percent compared to the previous year, a significant decrease from 7.99 percent the year prior. Forecasts see Kenya’s inflation levelling off at around five percent in the near future.

Kenya sees economic growth

Kenya’s economic growth has been quite steady these past few years and is still on the rise – except for a little dip in 2017, which is no real reason for concern. Gross domestic product (GDP) is forecast to almost double by 2024, and unemployment, although still above 10 percent, is on the decline. Although Kenya may not be among the leading countries on the Human Development Index (HDI) yet, but these economic trends plus demographic key factors like a declining infant mortality rate and a life expectancy at birth that has increased by a decade over the same time span show that Kenya is definitely on the way.

A brief look at Kenya’s economy

Kenya’s market-based economy is considered East Africa’s finance and transportation hub. Most of Kenya’s GDP is generated by services, especially travel and tourism, but agriculture is also quite successful, as it contributes about a third to GDP. The country exports less than it imports, and its leading exports are mostly commodities like tea and coffee. Imports include petroleum, machinery, and metals. Subsequently, Kenya’s trade balance is in the red, however, national debt is decreasing.

Kenya: Inflation rate from 1984 to 2024

Inflation rate compared to previous year
2024*5.01%
2023*5.01%
2022*4.56%
2021*5.02%
2020*5.31%
2019*5.61%
20184.69%
20177.99%
20166.32%
20156.58%
20146.88%
20135.72%
2012 9.38%
2011 14.02%
2010 4.31%
2009 10.55%
2008 15.1%
2007 4.27%
2006 6.04%
2005 7.82%
2004 8.38%
20035.98%
2002 2.16%
2001 5.82%
2000 7.77%
1999 4.98%
1998 5.61%
1997 12.1%
1996 8.86%
1995 1.55%
1994 28.81%
1993 45.98%
1992 27.33%
1991 20.08%
1990 17.78%
1989 13.79%
1988 12.27%
1987 8.64%
1986 2.53%
1985 13.01%
1984 10.28%
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Source

Release date

October 2019

Region

Kenya

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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Statistics on "Kenya"

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