Inflation up slightly above 2% y.o.y. in January

Figures

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Consumer prices were 2.1% higher on average in January 2018 than a year earlier. The highest price increases in this period were measured for alcoholic beverages and tobacco as well as food, the Central Statistical Office (KSH) said in a first release of monthly data.

In January 2018 compared to January 2017, food prices rose by 4.4%, with particularly significant price rises for eggs (48.0%), butter (13.6%), milk products (7.9%) and bread (7.1%). Sugar became 11.3% cheaper, while the highest price increase of 6.5% on average was recorded for alcoholic beverages and tobacco, the KSH data show.

Electricity, gas and other fuels became 1.6% dearer, within which the price of firewood rose by 13.7%, and butane and propane gas by 10.4%, while the prices of electricity, natural and manufactured gas and purchased heat were unchanged.

Prices of services increased by 0.8% on average in January, and prices of clothing and footwear by 0.2%. Consumers paid 0.1% less for other goods (pharmaceutical products, motor fuels, household products and recreational goods), within which they paid 1.3% less for motor fuels, and 0.5% less for consumer durables.

Compared to previous month

In January 2018 compared to December 2017, consumer prices increased by 0.3% on average. Food prices rose by 1.5%, within which fresh vegetables cost 14.6%, flour 5.4% and pasta products 5.0% more, while fish cost 5.4% and other meat preparations 2.9% less.

The average price of other goods was up by 0.8% month-on-month, while that of alcoholic beverages and tobacco rose by 0.6%, and the price of electricity, gas and other fuels by 0.1%. The price of consumer durables was unchanged.

Clothing and footwear cost 2.9% less for consumers in January due to end-of-season sales. Prices of services decreased by 0.5%, within which charges for telephone and internet services fell by 3.7%, as a result of a reduction in the VAT rate on internet services.

Consumer price data for February will be published on March 8.

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