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class="jeg_main "><div class="jeg_container"><div class="jeg_content jeg_singlepage"><div class="container"><div class="jeg_ad jeg_article_top jnews_article_top_ads"><div class='ads-wrapper '></div></div><div class="entry-header"><h1 class="jeg_post_title">How Inflation Works</h1><div class="jeg_meta_container"><div class="jeg_post_meta jeg_post_meta_2"><div class="meta_left"><div class="jeg_meta_author coauthor"> <img data-del="avatar" alt="Zainab Hafsah" src='https://kenyanwallstreet.com/wp-content/uploads/2024/06/PHOTO-2024-06-05-08-40-34-1-96x96.jpg' class='avatar pp-user-avatar avatar-80 photo ' height='80' width='80'/><span class="meta_text ">by</span><a href="https://kenyanwallstreet.com/author/zainab-hafsah/">Zainab Hafsah</a></div><div class="jeg_meta_date"> <a href="https://kenyanwallstreet.com/explainer-inflation-is-slowing-down-why-prices-are-still-high/">August 1, 2024</a></div><div class="jeg_meta_category"> <span><span class="meta_text">in</span> <a href="https://kenyanwallstreet.com/category/analysis/" rel="category tag">Analysis</a><span class="category-separator">, </span><a href="https://kenyanwallstreet.com/category/kenyan-news/" rel="category tag">Kenyan News</a><span class="category-separator">, </span><a href="https://kenyanwallstreet.com/category/personal-finance/" rel="category tag">Personal Finance</a> </span></div><div class="jeg_meta_reading_time"> <span> Reading Time: 3 mins read </span></div></div><div class="meta_right"></div></div></div></div><div class="row"><div class="jeg_main_content col-md-8"><div class="jeg_inner_content"><div class="jeg_featured featured_image "><a href="https://kenyanwallstreet.com/wp-content/uploads/2024/05/inflation.png"><div class="thumbnail-container" style="padding-bottom:50%"><img width="750" height="375" src="https://kenyanwallstreet.com/wp-content/uploads/2024/05/inflation-750x375.png" class="attachment-jnews-750x375 size-jnews-750x375 wp-post-image" alt="Cost of Living Eases to 5% in April, Supported by Fuel, Food Index" decoding="async" fetchpriority="high" srcset="https://kenyanwallstreet.com/wp-content/uploads/2024/05/inflation-750x375.png 750w, https://kenyanwallstreet.com/wp-content/uploads/2024/05/inflation-360x180.png 360w" sizes="(max-width: 750px) 100vw, 750px" /></div></a></div><div class="jeg_ad jeg_article jnews_content_top_ads "><div class='ads-wrapper '></div></div><div class="entry-content no-share"><div class="jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome"></div><div class="content-inner "><div class='heateorSssClear'></div><div class='heateor_sss_sharing_container heateor_sss_horizontal_sharing' data-heateor-sss-href='https://kenyanwallstreet.com/explainer-inflation-is-slowing-down-why-prices-are-still-high/'><div class='heateor_sss_sharing_title' style="font-weight:bold" ></div><div class="heateor_sss_sharing_ul"><a aria-label="Facebook" class="heateor_sss_facebook" 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1.276-.243 1.606l5 1.56 1.72 5.66c.226.625.115.873.77.873.506 0 .73-.235 1.012-.51l2.43-2.363 5.056 3.734c.93.514 1.602.25 1.834-.863l3.32-15.638c.338-1.363-.52-1.98-1.41-1.577z"></path></svg></span></a></div><div class="heateorSssClear"></div></div><div class='heateorSssClear'></div><br/><p>Kenya’s inflation slowed down significantly in the first half of the year with the latest figures showing a <a href="https://kenyanwallstreet.com/inflation-drops-to-4-6-per-cent-in-june-knbs/" target="_blank" rel="noreferrer noopener">4.6% rise in June</a>, down from 5% the month before. Despite this, for consumers, the prices of essential goods and services are still soaring.</p><p>So what does lower inflation really mean?</p><div class="jeg_ad jeg_ad_article jnews_content_inline_ads "><div class='ads-wrapper align-center '><div class='ads_code'><SCRIPT language='JavaScript1.1' SRC="https://ad.doubleclick.net/ddm/trackimpj/N1741099.5084810ADVERTISINGOPS/B32246848.400359255;dc_trk_aid=592686366;dc_trk_cid=219727396;ord[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?"attributionsrc ></script></div></div></div><p>Simply, inflation is a measure of how fast prices of essential goods and services are rising. It is how fast your money is losing its purchasing power, meaning lower inflation is largely good for your wallet. Since money is at the centre of this, the Central Bank of Kenya controls money supply in the economy by adjusting interest rates to keep the economy running.</p><h4 class="wp-block-heading" id="h-how-inflation-is-measured"><strong>How Inflation is Measured</strong></h4><p>The annual headline inflation is measured by the Consumer Price Index (CPI). The CPI tracks the average change of prices over time and includes a basket of goods and services that people commonly spend on such as food, housing, transportation and medical care. </p><div class="jeg_ad jeg_ad_article jnews_content_inline_2_ads "><div class='ads-wrapper align-center '><div class='ads_code'></div><div class='ads-text'>ADVERTISEMENT</div></div></div><p>While the contents of the <a href="https://new.knbs.or.ke/cpi-and-inflation-rates/">CPI</a> basket are fixed at a certain point in time, the overall price of the basket changes as the prices of the individual commodities within it fluctuate. Notably, the inflation fluctuations can be more severe depending on what you are buying. The highest recorded inflation rate in Kenya was 31.5% in May 2008.</p><h4 class="wp-block-heading" id="h-what-does-easing-inflation-mean-for-consumers"><strong>What does easing inflation mean for consumers</strong></h4><p>Inflation is a sustained increase in the price level of goods and services. Price levels in this case means the price of the basket of goods and services. In simpler terms, it tends to record the rate at which prices increase and gives an idea of the cost of living in a country.</p><blockquote class="wp-block-quote"><p>With a slowdown in inflation, prices are still going up, just not as quickly as before.</p></blockquote><p>Prices only decline when inflation is negative. For instance, prices of goods and services rose 4.6% in the past 12 months to June 2024, compared to 7.9% in the 12 months to June 2023. </p><p>Essentially, if “the basket” cost KSh 1000 in June 2023, it will now cost 4.6% higher. Historically, prices rise more easily than they fall. The periodic easing is mainly as a result of reduced consumer spending, lowering demand and forcing price cuts.</p><p>The Central Bank of Kenya aims to keep overall inflation in the 2.5%-7.5% range with a 5% midpoint target. It does this by either tightening or easing the interest rates according to the prevailing conditions.</p><p>Higher interest rates make borrowing expensive, therefore reducing consumer spending. This translates to lower demand, hence a slowdown in price increases.</p><p>Notably, inflation becomes a headache when the cost of living rises faster than income levels. In this case, households struggle to maintain their standard way of life.</p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-african-business-and-global-finance wp-block-embed-kenyan-wall-street-african-business-and-global-finance"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="aeJaeo1W4J"><a href="https://kenyanwallstreet.com/inflation-drops-to-4-6-per-cent-in-june-knbs/">Inflation Drops to 4.6 Per Cent in June-KNBS</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Inflation Drops to 4.6 Per Cent in June-KNBS” — Kenyan Wall Street - African Business and Global Finance" src="https://kenyanwallstreet.com/inflation-drops-to-4-6-per-cent-in-june-knbs/embed/#?secret=Oc2m8e4IDj#?secret=aeJaeo1W4J" data-secret="aeJaeo1W4J" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" 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