Cooking Oil Prices Jump 41.66% Due to Surge in Global Costs

According to the Kenya National Bureau of Statistics (KNBS) latest report, cooking oil prices jumped the highest in April 2022, with a liter selling for 351.99 shillings, a 41.66 percent surge compared with a year ago.

These prices result from the spike in the global cost of edible vegetable oils such as crude palm oil, sunflower, soybean, and corn oil by an average of 45 percent in the last year.

The prices of other final products such as soaps and cosmetics have climbed up the roof. The KNBS data shows that an 800-gram bar of soap is selling for 149.23 shillings, a 23.53 percent climb year-on-year.

A two-kilo packet of wheat flour bumped 24.72 percent to an average of 160.70 shillings, while a kilo of Irish potatoes has shot up 22.35 percent to 88.40 shillings.

 A two-kilo packet of sifted maize flour has increased by 14.70 percent to 134.7 shillings, while a kilo of beef is up 14.70 percent to 508.49 shillings.

The costs of potatoes rose by 10 percent, and milk by 6.29 percent. The price of sugar, however, decreased by 1.12 percent.

Prices of commodities under food and non-alcoholic beverages also increased by 12.15 percent. Furnishings, household equipment, and routine household maintenance went up by 7.15 percent, while transport increased by 6.88 percent

Meanwhile, housing, water, electricity, gas, and other fuels increased by 5.47 percent. The cooking gas (LPG) price also rose by 7.76 percent, with the average price of refilling a 13 kg cylinder standing at 2,866 shillings from 2,659 shillings.

The price of kerosene and house rent for a single room rose by 9.48 percent and 0.19 percent, respectively, during this period.

However, the cost of these essential commodities is higher than the KNBS indicated prices in various shopping outlets and open markets across the country.

The cost of an 800g bar of Soap, for instance, is 180 shillings at Naivas Supermarket, while that of a liter of cooking oil is 385 shillings.

A 2kg of wheat flour is retailing at 170 shillings, while that of Sifted maize flour has hit an all-time high of 148 shillings.

The inflation rate in the country, the overall year-on-year inflation rate as measured by the Consumer Price Index (CPI), was 6.47 percent in April from 5.56 percent in March 2022.

This represents a seven-month high increase and is attributed to a jump in prices of essential items like cooking oil, soap, and cooking gas in the last 12 months and the increase in fuel prices, which were reviewed upwards in March.

Even with the President’s 12 percent minimum wage increase to cushion workers against further erosion of their purchasing power, Kenyans will continue to face tough economic times, and most households, especially in the arid and semi-arid areas, face acute hunger. Their purchasing power has already deteriorated.