CBK governor Patrick Njoroge in a past event.[Photo/SoftKenya]
The Central Bank of Kenya now says that the rate of inflation on the country is on the decline.
The bank has announced that monthly inflation rate reduced to 5.7 percent in October,with the cost of living expected to reduce even more in a few coming days.
According to CBK governor Patrick Njoroge is as a result of reduction in prize of some of the nation's most consumed foods including cabbages,further saying that the increase of oil prizes had no effect on the Kenyan market.
''This decline was largely due to lower food prices,especially Irish potatoes and cabbages.And is despite an increase in international oil prizes which has exerted upwards pressure on fuel prizes,'' he said in a report as was seen by the Star.
He further attributed the improvement on the current rains which have in turn promoted maize production and hence the extension of subsidized flour saying that food prices are further expected to reduce.
The report also noted that the increase in fuel prizes has let to a slight increase of the nation's account deficit which currently stands at 6.5 percent of the GDP in September compared to July's 6.4.
''The current account deficit is expected to narrow to 6.2 per cent of GDP by December 2017 as a result of a slowdown in SGR-related imports and improved weather conditions which will support food production and agricultural exports,'' he is further quoted.