CBK Considers AI Tools to Improve Inflation Tracking and Economic Forecasts

The Central Bank of Kenya is exploring artificial intelligence applications to track price changes and improve economic forecasts. Research Director Robert Mudida said nearly 300 potential uses had been identified across the bank’s 14 departments, with some moving towards implementation this year, while stressing that AI should support rather than replace human judgment. Proposed applications include analysing supermarket website prices, using satellite images to estimate economic conditions before official statistics are released, and applying machine learning to refine forecasts. The CBK is also examining how AI can analyse large volumes of financial data, including mobile money transactions.