Kenya inflation drops to 7.74 pct in July: Stats Office source

Reuters    Translate This Article
31 July 2012

NAIROBI (Reuters) - Kenya's year-on-year inflation fell at a faster pace than expected in July to 7.74 percent from 10.05 percent in the previous month, a source at the statistics office said on Tuesday, pointing to another rate cut in September.

A Reuters poll of 10 analysts had forecast the annual rate of inflation would fall for an eighth straight month and gave a median estimate of 9.16 percent.

Policymakers cut the central bank's benchmark lending rate by a bigger-than-expected 150 basis points to 16.5 percent earlier this month, claiming victory over inflation, which peaked at just under 20 percent last November.

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