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Kenya May Inflation Up Eight Percent

FILE: A boy plays in a supermarket shopping cart at the Westgate Shopping Mall in Nairobi, Kenya, on Sat. July 18, 2015.

NAIROBI - Kenya's inflation rose to 8% year-on-year in May, from 7.9% last month, data from the statistics office showed on Wednesday.

On a monthly basis, May inflation was at 0.9% compared to 0.5% in April, the Kenya National Bureau of Statistics said in a statement.

The government has a preferred inflation range of 2.5%-7.5% in the medium term.

Meanwhile, Kenya's central bank has lowered its 2023 GDP forecast from 5.8% growth to 5.5%.