I join you in celebrating this milestone that SMEP DTM Ltd has achieved by being the fourth deposit taking microfinance institution to be licensed by the Central Bank of Kenya under the Microfinance Act.
The combination of high monthly inflation and a large weight in measuring overall prices means that shelter inflation is a key driver of overall inflation. Moreover, shelter inflation is a particularly persistent component of inflation and why I am focused on closely watching shelter inflation in determining my outlook for U.S. inflation.