Items Whose Prices Are Likely To Shoot Further By Next Week
Several Basic Commodities Whose Prices Will Rise Next Week
Kenyans will have to dig deeper into their pockets as prices of basic commodities are set to skyrocket with some projected to go up three times the current prices.
Cooking oil, one of the most basic commodities, is said to be one of the most affected consumer goods whose price is projected to triple in a week’s time.
According to a consumer report, manufacturers have reported a 33 per cent rise in the cost of crude palm oil which is used in the production of cooking oil.
The manufacturers say that a metric tonne of crude palm oil is retailing between Ksh225,522 and Ksh200,534. They argue that the sharp rise is a result of the ongoing conflict between Russia and Ukraine.
The manufacturers noted that the same product retailed at Ksh168,578 before the conflict and that it had doubled from Ksh72,000 before the March 2020 pandemic.
On average, a litre of cooking oil is retailing at Ksh395 and this price is expected to go as high as Ksh950 in a week’s time if no mitigation measures are taken.
To cushion the consumer, manufacturers now want the government to scrap off the Railway Development Fee (RDF) and the Import Declaration Fee (IDF).
Animal feeds will also record a price jump following the shortage of yellow maize which is a critical ingredient in their production.
Kenya imports the bulk of its yellow maize from Ukraine which is currently at war with neighbouring Russia.
Animal feed producers say they are not able to get any other source of 100 per cent non-GMO yellow maize from any other part of the world.
The rise in animal feed price will see the cost of milk go up as well. A litre of milk is currently retailing at an average price of Ksh120, with reports indicating that this price will go up by 30 per cent.
The Russia-Ukraine crisis has impacted global oil prices which have been pushed past USD100 per barrel and economists have warned that the situation could also trigger the increase of wheat prices in Kenya.
Kenya is a large importer of wheat from Russia and this means that the mwananchi could dig deeper into their pockets for wheat products such as bread.
Notably, Kenya imports the bulk of its wheat from Russia and the full-blown conflict has created a shortage that has affected the global supply chain, with millers recording low production.
The Russian – Ukraine crisis has also affected the prices of liquefied petroleum gas (LPG) with the prices hitting an all0time high in the country.