The monetary policy committee has announced that the country’s inflation rate has not been affected despite uncertain global events.
In a month to month review, the inflation remained within manageable range at 5.6% and 5.8% in November and December concurrently.
The rise was occasioned by an increase in food prices and transport costs during the festive season.
Its however expected that inflation will remain within range as a result of fast-growing food due to prolonged rains and low cost of electricity.
Stable Currency, stable economic growth
Further, MPC reports that the Foreign exchange market remains stable having been supported by the narrowing current account deficit and balanced flows.
The current account is estimated to have narrowed by 4.6% of GDP in 2019 and at 5% in 2018.
Reduced SGR equipment import, resilient diaspora remittance and strong receipts from transport and tourism services are the main factors credited for the performance.