Afternoon business highlights – December 1, 2017

Afternoon business highlights – December 1, 2017

November inflation hits a 4 year low due to better weather conditions – KNBS

Kenya’s inflation rate has dropped further to 4.73% for the month of November compared to 5.72%  in October due to favorable weather conditions leading to a reduction of cost of food. The Kenya National Bureau of Statistics (KNBS) latest survey carried out in Nairobi and across 13 other urban cities shows that food and non-alcoholic beverages reduced by 1.33 leading to the lowest inflation rate in more than four years. The monthly KNBS survey, however, noted the index on housing and amenities such as water, electricity and gas increased by 1.74% due to an increase in the cost of house rents and an increase in fuel cost adjustment charges.

IMF to engage with Kenya on existing Ksh150 billion credit facility

The International Monetary Fund (IMF) will hold talks with Kenya on the future of its US$1.5 billion (Ksh154.6 billion) standby credit facility that is set to expire in March, the fund’s representative in Nairobi said. Kenya secured the facility three years ago as an extra cushion in case of unforeseen shocks to the economy. It has not yet tapped the credit facility.

Anti Counterfeit Agency seizes goods worth Ksh1.6 billion in 2017

Kenya’s Anti-Counterfeit Agency (ACA) seized goods worth Ksh1.6 billion this year. The Agency noted that textiles, pharmaceuticals and electronics accounted for the bulk of the seized products. Through its Board Chairman, Pradeep Paunranae, the government body noted that goods worth Ksh700 million had been destroyed.

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