Tough times ahead as CBK survey warns of an increase in prices of basic commodities
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CBK survey report warns of an increase in prices of basic commodities such as bread, rice, and cooking oil in the month of June
CBK survey report warns of an increase in prices of basic commodities such as bread, rice, and cooking oil in the month of June.
Kenyans will have to tighten their belts as the cost of living is set to increase further complicating their lives.
According to a survey by the central bank of Kenya (CBK), the cost of Agricultural commodities will remain high in June as farmers decry the high cost of farm inputs.
This is happening even as the government works round the clock to pass the finance bill whose proposals especially on fuel tax are set to increase the prices of basic commodities further.
Only 2 million out of the expected ten million bags of maize have been imported into the country signaling tough times ahead.
According to the National Cereals and produce board, Kenya needs KSH 18 billion to import food so as to equip the strategic food reserves in order to guarantee food security.
This is happening at a time When over 5.4 Million people are facing starvation and in need of urgent food aid.
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Apart from maize flour, other commodities Whose prices will be high include sugar, bread, eggs, cooking oil, and rice according to a report by the Central Bank of Kenya report.
Nevertheless, the same survey by the central bank of Kenya shows that the recent rains have led to a reduction of vegetable prices across the country.
CBK detailed that the projections were deduced after a survey of farmers and entrepreneurs in the retail and wholesale industry.
The survey assessed changes in wholesale and retail prices, expectations of changes in prices and output, and factors affecting the sector.
Inflation reached 8% in May 2023, up from 7.9% in April 2023, according to the Kenya National Bureau of Statistics (KNBS), as households find it increasing.
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