Expert looks at what’s driving it and what should be done.
Kenyans are grappling with the high cost of living. Policy analyst Adan Shibia led a technical team that prepared a recent report on the state of Kenya’s economy. We asked him to unpack what’s driving costs, who’s affected and what can be done about it.
Inflation is a measure of the rise in prices of a “basket” of goods selected by the Kenya National Bureau of Statistics. The main drivers of inflation were food and transport . These on average account for 42.56% of the consumption basket for all households in Kenya. Price increases for food and fuel averaged 13.5% and 12.3% between June 2022 and June 2023.
Low-income earners are also affected through prices of other commodities in the consumer basket. These include housing and transport. This is particularly the case in urban areas. What’s driving the rising cost of living? A confluence of factors in the domestic and global markets is responsible. Strengthening the role of markets is vital because government has limited resources to subsidise basics like fuel, electricity and maize flour. With stronger markets, private sector players would also be more efficient in production and distribution of products.
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