A record low is reached by the Kenyan shilling

On Monday, the Kenyan shilling hit a new low against the US dollar, indicating a rise in living expenses amid a dollar shortage in the market. Following the government's debt repayment, low export revenues, and the season when listed businesses pay dividends—during which they often send billions of dollars offshore to pay out foreign shareholders—this is what happens. Shilling exchanged hands for 129.24 per $1 Wednesday, a new low from 128.59 last week, according to the Central Bank of Kenya (CBK). The director of Kenya's National Bureau of Statistics, Macdonald Obudho, stated, "the rise in inflation was largely due to increase in prices of commodities under food and non-alcoholic beverages (13.3%); housing, water, electricity, gas, and other fuels (7.6%); and transport (12.9%) between February 2022 and February 2023."