Kenya’s inflation rate stood at 4.1 percent in April 2025, up slightly from 3.6 percent in March and within the Central Bank’s medium-term target range of 5.0 percent. At face value, this may suggest that the economy is on stable footing.
But the headline number hides a more unsettling reality. The low inflation is not the result of rising productivity or growing consumer confidence. It reflects shrinking household demand, falling incomes, and a widespread reliance on informal work and digital credit. The appearance of calm conceals an economy under strain and a population navigating financial exhaustion.
