Rising Commodity Prices Suggest Worse Times Ahead

Many Kenyans are still struggling to put food on the table as their monthly budget narrows daily due to the increased commodity prices.

It’s now a norm that each day you go to your favourite shop, restaurant, or supermarket; the price is up by a certain amount—even more than double.

You don’t need to ask why because you already know the cost of commodities is rising, and every business is trying to adjust to avoid making losses.

Comparing commodity prices in April 2022 shows how rapidly the prices have increased in just three months.

The table below shows the prices of commodities in April 2022 as compared to the current prices in Kenya.

The annual inflation rate in Kenya accelerated to 7.1 percent in May of 2022, from 6.47 percent in April 2022.

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According to the Kenya National Bureau of Statistics, this is the highest reading since February 2020, as the cost of food products continued to rise sharply at 12.4 percent compared to 12.2 percent in April 2022, partly due to the war in Ukraine

With increased food prices, shortages, and an already hike in fuel prices in an election year full of politics, Kenyans should prepare for a further rise in the food bills.

World Bank projections in February show that Kenya’s economy will grow by 5 percent in 2022. Beyond these headline figures, Kenyans want to feel the growth on a personal level. Kenyans want a break from the chocking food prices.