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- October Inflation figures are out!
October Inflation figures are out!
Your daily dose of Kenya's Business and Financial News
Brian Nzomo
October 31, 2024
Buenas noches amigos!
A lot has happened today in the world of business. Here is a quick round-up of what we know matters to your pocket.
🌽 Consumers Dig Deeper For Food Items Despite Inflation Easing to 2.7% in October-KNBS
Kenyans were slightly relieved in October when prices of sugar and maize flour declined, but the prices of other essential commodities went up. Cooking oil and groceries such as tomatoes and carrots pinched more money from our pockets. KNBS, however, says that inflation dropped by 0.9% from October. The cost of living went down, housing became cheaper, electricity and fuel more affordable. Do the falling prices signal dipping demand in goods or is there a constant supply of goods? Here is what the Central Bank of Kenya says…
📉 Carbacid Profits Up 3.3% Amid Controversial BOC Kenya Buyout Bid
A former chairman at BOC Kenya is hampering Carbacid’s acquisition but this hasn't stopped the listed Carbon dioxide manufacturer from making profits. Carbacid Investments has posted KSh 843.3 million in profit after tax for the full year ended in July 2024, up 3.3% from the preceding year. Its turnover has grown by 20.1%, operating profits by 20.5%. The finance costs and administrative expenses may have doubled though, possibly due to supply chain hitches…but all's well for investors because there will be dividends 🥳🥳 How much will you get per share as a stakeholder in Carbacid this year?
🪙 Kenya Unlocks Access to KSh 78 billion After IMF Board Approval
The gov't is struggling to adjust its fiscal health and US$606 million from the IMF may go a long way in achieving this. This decision was undertaken after the IMF executive board completed its seventh and eighth reviews. But this doesn't mean Kenya is out of the woods yet. The Bretton Woods Institution has warned that if a proper revenue mobilisation strategy is not brought to the table, the country's debt stability is at risk. Economic growth will slacken next year according to IMF predictions, which will further narrow the government's efforts in broadening the tax base. The IMF is proposing reforms…will they work?
Other top stories today
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Fare well 🙂