Kenya’s cost of living has risen to levels not experienced in 7 years.
Recent reports reveal that the cost of living in Kenya hit its highest level in seven years as it rose to 9.6% in October, from 9.2% in September.
This rise is a result of the food crises the country is currently facing. As disclosed by the Kenyan National Bureau of Statistics (KNBS), the high cost of living is a by-product of the sharp increase in the price of food and non-alcoholic beverages.
Transport accounted for 11.6% of the inflation. Housing, water, electricity, gas, and other fuels index increased by 7.1% since the year began.
Also, furnishings, household equipment, and routine household maintenance index increased by 10.9%
Earlier this year, the country’s inflation rate stood at 5.08% and has been on a steady increase since then. Five months in a row leading up to October, the country recorded a year-on-year cost of living that crossed the upper limit target of 7.5%.
Following the end of the month reports, it was revealed that the inflation rate for October reached the highest it has been since September 2017.
Some of the other items whose costs increased include, prices of Irish potatoes, sugar, and beans which increased by 12.5%, 12%, and 7.5% respectively. Beer, wine, and rent went up by 1.2% 0.8%, and 0.7%trespectively.
However, a few commodities actually went down. Some of these commodities include carrots, onions, maize flour, and cooking oil which dropped by 6.4%, 2.4%, 3.6%, and 3.5% respectively.
Kenya is one of the dozen African countries predicted to experience a drop in its GDP in the coming year. See the list here. Experts have also predicted that the inflation rate is only going to get higher, as the country battles economic challenges amidst external influences like the Russia/Ukraine conflict and climate change.
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