CBK Report Reveals Price-Hike Of Select Food Items From February
Kenyans have been warned to expect major price increases in a number of important food-related commodities beginning in February of this year.
According to the Agriculture Sector Survey report released by the Central Bank of Kenya (CBK) on Tuesday, February 11, grain and associated product prices are expected to rise for the second consecutive month this year.
The study, which included respondents from various wholesale and retail markets as well as farms, also highlighted the possibility of price increases for kale, traditional vegetables, cabbages, spinach, tomatoes, potatoes, sugar, and cooking oil.
The projected rise in prices was linked to the harsh impact of insufficient rains during the short rainy season from October and December last year.
The MPC Market Perceptions Survey for January 2025 can be downloaded at https://t.co/NXrBtd2728 pic.twitter.com/KjhpNDn7Sn
— Central Bank of Kenya (@CBKKenya) February 11, 2025
According to the research, insufficient and exceptional rainfall created seasonal drought, resulting in crop wilting and contributing to overall low crop yields.
Another factor contributing to the prospective rise in food prices was an increase in international oil prices, which was mostly driven by concerns surrounding the Middle East conflict.
Furthermore, respondents believed that minor rises in global market prices for certain important food items, notably processed products like sugar, cooking fat, and vegetable oil, were likely to have an impact on local pricing.
The unusual surge in food costs was expected to have an impact on total inflation, which is forecast to grow over the following three months.
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Despite the expected rise in the cost of some commodities, the poll identified a probable price decline for various rice and dairy items.
Similarly, overall farm productivity is predicted to rise in the following months due to the favorable rainfall forecast for March and April this year.
Favorable government initiatives, such as the provision of subsidized fertilizer, were also projected to improve farmer output, boosting the prospect of a decline in food costs in the months ahead.
The latest CBK survey report comes only days after the Kenya National Bureau of Statistics (KNBS) released a survey report projecting an increase in the price of eight vital commodities.
CBK Report Reveals Price-Hike Of Select Food Items From February
