Inflation in the East African nation of Kenya has now hit a Seven (7) month high due to simultaneous increases in prices of vital items like cooking gas, cooking oil and Soap in the past twelve (12) months. This resulted in the spending power of households getting even more severely stretched.
On Thursday the 28th of April 2022 the Kenya National Bureau of Statistics (KNBS) revealed that the inflation which is a measure of yearly changes in the cost of living, reached 6.47 percent in April of 2022 from the 5.56 percent that was the case in March of the same year.
This is the highest point since September of 2021 when it went as high as 6.91 percent.
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The Managing Director of Kenya National Bureau of Statistics (KNBS); Macdonald Obudho made it known via a statement that, “Prices of food items in April 2022 were relatively high compared with prices of food items recorded in April 2021.”
Macdonald Obudho added that, “Furnishings, Household Equipment and Routine Household Equipment Index increased by 0.72 percent between March 2022 and April 2022. This was due to an increase in prices of laundry/bar soap and detergents, among other items.”
Data by the Kenya National Bureau of Statistics (KNBS) revealed that in April of 2022 the prices of Cooking Oil in Kenya reached their highest yet with a litre going for as much as 351.99 Kenyan Shillings. This was an increase of 41.66 percent when compared to where the price was the year before.
In the same April of 2022 refilling a thirteen (13) Kilo Cooking Gas Cylinder costed 38.18 percent more at an average of 2,866 Kenyan Shillings. The price for a two (2) Kilo packet of Wheat Flour increased by as much as 24.72 percent to an average of 160.70 Kenyan Shillings.
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The worldwide increase in the cost of edible vegetable oils like Soybean, Sunflower, Corn Oil and Crude Palm Oil by as much as an average of 45 percent over the past year resulted in the prices of the final products including soaps, cosmetic products with glycerin and cooking oil to spike as well, negatively affecting the spending power of numerous consumers.
In Malaysia the production of Palm Oil has been significantly slowed down by floods and labour shortages. In Argentina and Brazil the production of Soybean was hurt by drought and the still ongoing war in Ukraine has stopped the production of Sunflower Oil for the time being.
Data from the Kenya National Bureau of Statistics (KNBS) revealed that an eight hundred (800) gram bar of soap is now going for 149.23 Kenyan Shillings. This is a 23.53 percent year on year increase.
The Commercial Director at Pwani Oil; Mr. Rajul Malde made it known via a statement that, “We have tried to minimise the cost to consumers by being creative and innovative with other parts of the supply chain, but overall we have had no choice but to increase the prices by 35 percent on average.”
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Pwani Oil is the manufacturer behind widely popular products like Sawa soaps and Fresh Fri cooking oil.
A number of other commodities which have also experienced substantial increases in their prices include Irish Potatoes which now go for 88.40 Kenyan Shillings per Kilo; a 22.35 percent increase, Beef which now goes for 508.49 Kenyan Shillings per Kilo; an increase of 14.70 percent, and sifted Maize flour which now goes for 134.79 Kenyan Shillings per two (2) Kilo packet; an increase of 14.70 percent.
Basic commodities in Kenya undergoing almost simultaneous increases in costs, is taking place at a time when the incomes generated by households in the country have still not recovered from the economic effects of the Coronavirus pandemic which is still ongoing. This has resulted in numerous households continuing to reduce all expenditures that are not essential.
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