Why cooking oil prices are set to increase; CBK
Kenyans could soon face an increase in cooking oil prices as detailed in the Monetary Policy Meeting Report by the Central Bank of Kenya (CBK)
Kenyans could soon face an increase in cooking oil prices as detailed in the Monetary Policy Meeting Report by the Central Bank of Kenya (CBK).
As detailed in the report released on Monday, December 9, cooking oil could increase within the next three months.
It was explained that the increase would witnessed due to the high global prices.
Therefore, given that most of the raw products used to manufacture cooking oil are imported, the prices will automatically go up.
Currently, one litre of cooking oil retails between Ksh280 and Ksh320 across various supermarkets.
Additionally, agricultural stakeholders also expect an increase in maize flour prices.
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“Some respondents to the November 2024 Agriculture Survey expect moderate upward pressure on prices of select cereal items such as green maize due to seasonal factors, and cooking oil on account higher global prices,” read the report in part.
Meanwhile, most foods are expected to maintain their current prices within the next three months or register a decrease.
“Majority of respondents to the November 2024 Agriculture Survey expect inflation to either remain unchanged or decrease in the next three months, on account of improved food supply with ongoing harvests and favourable weather conditions, stability in pump prices, and a stable exchange rate,” CBK added in the report.
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