Dr. Patrick Njoroge, governor of the Central Bank of Kenya, has predicted that the cost of living will begin to decline in March of this year.
Dr. Njoroge stated during the current World Economic Forum in Davos, Switzerland, that CBK anticipates inflation to reach its target range of 7.5% by March 2023.
According to him, once inflation decreases, Kenyans will be able to start purchasing necessities for the home and other commodities at standard market pricing.
Njoroge stated, “We expect it to be in our target range later this quarter, although we are not satisfied with where it is right now.”
Njoroge remarked on the minimal decline in pricing across all industries, including a decline in fuel prices.
The fact that the price of oil has been declining is just one of many factors that make the prospects favorable, he added.
The CBK president added that he anticipates a 6.2% recovery in Kenya’s economy over the same time period.