The new central bank of Kenya Governor Kamau Thugge is set to preside over his first Monetary Policy Committee Meeting on tuesday.
Monetary Policy Committee Meeting serves to maintain price stability in the economy through low and stable inflation.
On Friday, the local currency closed the market at 140.31 units against the US dollar, having dropped almost 20 per cent in the past 12 months.
In May, inflation increased slightly to 8 percent from 7.9 percent in the previous month.
Data from the Kenya National Bureau of Statistics (KNBS) showed that costs of food and non-food alcoholic beverages increased by 10.2 percent, as well as housing, water, electricity, gas, and other fuels at 9 percent.
Last week, Thugge was confirmed by CBK as its new boss after his appointment by President William Ruto.
Continued weakening of the shilling makes imports costlier and piles pressure on the cost of living due to the country’s reliance on foreign markets for essential supplies such as fuel and materials for factories.
Consumers are already feeling the impact of the depreciating shilling after purchasing prices rose the fastest in more than half a year in May.