Inflation Hits Historic Records as Kenyans Enter into their Worst Possible Months Ahead

By Lynnet Okumu / Published July 1, 2022 | 12:18 pm




KEY POINTS

Compared to May 2022, when inflation stood at 7.1 percent, the June rate has surpassed the government’s target of 2.5 to 7.5 percent required to maintain the prices of commodities in the domestic market.


Inflation

KEY TAKEAWAYS


Small-scale retailers’ and wholesalers’ prices across Kenya do not reflect the KNBS prices released. For instance, in Nairobi’s Naivas supermarket, a litre of cooking oil sells at 436 shillings, while a 2Kg packet of Wheat flour has hit over 200 shillings.


According to the latest Kenya National Bureau of Statistics (KNBS) data, the inflation rate for June hit 7.9 percent in the backdrop of increased food prices and high fuel prices.

“The rise in inflation was mainly due to increase in the cost of commodities under food and nonalcoholic beverages by 13.8 percent”, read part of the KNBS statement.

Compared to May 2022, when inflation stood at 7.1 percent, the June rate has surpassed the government’s target of 2.5 to 7.5 percent required to maintain the prices of commodities in the domestic market.

The latest figures show that the Consumer Price index increased by 0.9 percent to 124.22 percent in June compared to 123.12 percent in May 2022.

The average prices of essential commodities have witnessed an upward trend in the last month, with Cooking oil prices hitting the highest by 4.7 percent to387.89 shillings per litre compared to 370.71 shillings in May.

The price of a 2kg packet of maize flour has increased by over 12 percent in the lane month to trade at an average of 213 shillings.

This represents about a 50 percent increase in the cost of maize flour since last year when a 2Kg packet was selling at an average of 129.56 shillings.

Meanwhile, the global wheat shortage in the country has seen the price of a 2Kg packet of wheat flour shoot to an average of 186.90 shillings from 165 shillings in the last month and 129.80 shillings a year ago.

ALSO READ: The Hunger Menace In East Africa; Case Study Of Kenya

However, prices of kale (sukuma wiki), spinach, and cabbages dropped by 5.0, 4.1, and 4.0 percent, respectively during the same period.

At the same time, prices of onions-leeks, bulbs, and potatoes (Irish) dropped by 5.3 percent and 4.8 percent, respectively.

The report also shows that the high fuel prices pushed the transport index up by 0.9 percent during the period.

A litre of super petrol, diesel, and kerosene is now retailing at a record of 159.12 shillings, 140 shillings, and 127.94 shillings, respectively, in Nairobi.

Also, the cost of furnishings, household equipment, and routine household maintenance was up 9.2 percent, while housing, water, electricity, gas, and other fuels increased by 6.8 percent.

Small-scale retailers’ and wholesalers’ prices across Kenya do not reflect the KNBS prices released. For instance, in Nairobi’s Naivas supermarket, a litre of cooking oil sells at 436 shillings, while a 2Kg packet of Wheat flour has hit over 200 shillings.






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