Kenya’s inflation inches up in December, stats office says

(Reuters) -Kenya’s consumer price inflation inched up to 3.0% year-on-year in December, up from 2.8% a month earlier, the statistics office said on Tuesday.

On a monthly basis, inflation was 0.6% compared with 0.3% in November, the Kenya National Bureau of Statistics said in a statement.

Kenya targets an inflation rate of between 2.5% and 7.5% in the medium term.

Kenya’s central bank cut its benchmark lending rate by a larger-than-expected 75 basis points to 11.25% on Dec 5, saying there was room for looser policy to support economic growth as inflation was under control.