Kenya private sector activity steadies in April, PMI shows [Reuters]
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Source: Reuters
The Stanbic Bank Kenya Purchasing Managers' Index (PMI) stood at 50.1 in April, up from 49.7 a month earlier but below February's reading of 51.3. Readings above 50.0 signal growth, while those below point to a contraction. February's figure was the first above-50 reading since August. Report this ad Christopher Legilisho, an economist at Stanbic Bank, noted price pressures had eased across most sectors surveyed apart from construction and agriculture. "This aligns with our view that inflationary pressures have abated. Nonetheless, wage pressures were still prevalent as firms continued to hire staff and increase inventories because they anticipate improved demand," he added. Kenya's inflation rate fell for the third month in a row in April to 5.0% year-on-year from 5.7% in March, data from the statistics office showed. However, there are concerns that second quarter performance could be affected by effects of heavy rainfall. As of Thursday, floods across at least 210 peop
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