nairobikenyas central bank on monday retained its key interest rate at 875 in order to tame inflation pressures the central bank increased its key lending rate by 50 basis points in november the committee noted that the impact of the further tightening of monetary policy in november 2022 to anchor inflationary pressures was still transmitting in the economy the bank said in its monetary policy committee statement inflation is expected to decline in the near term also supported by the recentlyannounced government measures to allow dutyfree imports of key food items particularly corn rice and sugar it said kenyas inflation rate decreased to 91 in december from 95 in november mainly due to lower food prices food inflation declined to 138 in december from 154 in november largely driven by a decrease in prices of corn and milk products it said prices of edible oils and wheat products also declined due to lower global commodity prices with the easing of international supply chain disruptions it said fuel inflation declined to 127 in december from 138 in november due to lower international oil prices but remains elevated on account of the scaling down of the fuel subsidy and increases in electricity prices due to higher tariffs it said the committee will meet again in march but remains ready to reconvene earlier if necessary the bank said