The Kenya National Bureau of Statistics (KNBS) has published the Monthly Leading Economic Indicators report highlighting changes in Consumer Price Indices, inflation rates, interest rates and exchange rates in June and July 2024.
In the report, KNBS details changes in selected indicators of international trade, agriculture, energy, manufacturing, construction, tourism and transport.
KNBS has revealed that the amount of money transacted through mobile money increased by Ksh29.9 billion between June and July 2024.
“The total value of transactions rose from Ksh676 billion in June 2024 to Ksh705.9 billion in July 2024,” KNBS report said.
The value of all transactions made in Kenya, the report states, increased from Ksh711.67 billion in April to Ksh722.27 billion in May 2024.
However, the value of transactions dropped drastically between May and June 2024, from Ksh722.27 billion to Ksh676.01 billion.
Number of Mobile Transactions
Additionally, the total number of transactions between June 2024 to July 2024 grew from 201.1 million to 204.2 million during the same period.
This was a decrease compared to the 208.13 million transactions in May and 203.55 transactions in April.
At the same time, KNBS reported that the export value of telecommunications equipment surged fivefold, increasing from Ksh48.2 million in June 2024 to Ksh256.0 million in July 2024.
Concurrently, the import value more than doubled, rising from Ksh3.2 billion in June 2024 to Ksh6.6 billion in July 2024.
In addition, the survey and statistics body reported that the number of active mobile money agents rose from 33,000 in June 2024 to 340,900 in July 2024.
Mobile money subscriptions also increased from 77.9 million to 78.6 million.
Also Read: Kenyans in Diaspora to Start Contributing Ksh 1,290 to Government
KNBS on CPI & Inflation Rates
According to the report, the Consumer Price Index (CPI) decreased from an index of 140.23 in June 2024 to an index of 139.94 in July 2024.
The overall year on year inflation rate as measured by the CPI was 4.3 per cent, in July 2024.
The Kenyan Shilling depreciated against all major selected trading currencies, with the exception of the Tanzanian Shilling, in July 2024 while the average yield rate for 91-day Treasury Bills, which is a benchmark for interest rate trends, rose from 15.97 per cent in June 2024 to 16.00 per cent in July 2024.
Also Read: Safaricom, Airtel Panic As Elon Musk Internet Enters Kenyan Market
CBK Rates & Money Supply
As per the KNBS, the Central Bank of Kenya maintained its benchmark interest rate at 13.0 per cent in July 2024 while the Interbank rate rose from 13.14 per cent in June 2024 to 13.17 per cent in July 2024.
The money supply (M1) grew from Ksh1.9 trillion in May 2024 to Ksh2.0 trillion in June 2024. Money supply (M2) expanded from Ksh4.5 trillion to Ksh4.6 trillion during the same period.
Commercial banks’ weighted average lending rate fell from 16.85 per cent in June 2024 to 16.84 per cent in July 2024, while the weighted average deposit rate fell from 11.48 per cent to 11.28 per cent, during the same period.
Follow our WhatsApp Channel for real-time news updates!
https://whatsapp.com/channel/0029VaB3k54HltYFiQ1f2i2C
