Kenya’s Inflation Rate Drops

NAIROBI (Reuters) – Kenya’s inflation fell to 3.6% year-on-year in September from 4.4% in August, according to the statistics office report on Wednesday.

On a month-on-month basis, inflation was at 0.2%, up from 0.0% the previous month, the Kenya National Bureau of Statistics stated.

The Kenyan government aims for an inflation rate between 2.5% and 7.5% in the medium term.

The central bank is set to announce its next interest rate decision on Oct. 8. In August, it cut its benchmark lending rate by 25 basis points, indicating there is room to gradually ease policy as inflation has fallen below the midpoint of its target range.