Here Is A List Of Items Whose Prices Are Set To Increase In October 2022

By Getrude Mathayo / Published October 3, 2022 | 11:12 am




KEY POINTS

A liter of cooking oil sold at an average of KSh 305 in January now sells at a high of KSh 460. Cooking oil is a basic commodity in Kenyan households.


commodities

Kenyans will be forced to dig deeper into their pockets to access essential items whose prices are set to increase starting October 1st, 2022 due to the inflation rate and new tax regimes.

Nothing is going to change any time soon since the new Government is broke. Hard economic circumstances will result from rising living expenses. Prices of commodities will hike after the government applies annual inflation tax adjustments on excise duty charged on the products

According to a statement released on Thursday, September 1, the excise tax is set to increase by 6.3 percent. The increase is in line with the average annual inflation.

Cigarettes, wine, toothpaste, motorcycles, imported sugar, imported sim cards, imported white chocolate, beverages, and cigars are among the products whose retail prices will increase. Others include packaged water, juice fruit, nicotine products, and other products manufactured using tobacco.

“The specific rates will be adjusted using the average inflation rate for the financial year 2021/2022 of six decimal three per centum (6.3 percent), as determined by the Kenya National Bureau of Statistics, and the adjusted specific rates will be effective from October 1, 2022,” the taxman’s statement read in part.

The application of the annual inflation tax is in line with the law that demands excise duty be revised upwards in tandem with the cost-of-living measure. This will compel the manufacturers and other traders to pass on the additional costs to consumers. r.

According to the Kenya National Bureau of Statistics (KNBS), on Wednesday, August 31, the disclosed that ​​​​​​prices of basic commodities increased in the last month.

The rising cost of living has caused severe challenges for Kenyans. Indeed, the continued conflict in the nation over the high cost of living is now quite worrying, therefore the new administration needs to find the best and most effective remedies to help with these dreadful situations in Kenya

A liter of cooking oil sold at an average of KSh 305 in January now sells at a high of KSh 460. Cooking oil is a basic commodity in Kenyan households.

Kenyans have in the recent past taken to social media to rant about the product’s price asking the government to intervene, as the increased prices had translated to a high cost of living.

Related Content: Commodities Whose Prices Increased Rapidly In August 2022






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