A survey conducted by the Central Bank of Kenya (CBK) has projected an increase in prices of fresh vegetables this month.
As revealed in the press release of the Monetary Policy Committee meeting that was held on Tuesday, October 8, prices of vegetables will increase owing to a decline in supply.
It was detailed that the country is currently facing dry weather conditions hence production of fresh vegetables will decrease.
Some of the fresh vegetables that are grown seasonally include kales, sukumawiki, and spinach among others.
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"Some respondents expect moderate upward pressure on prices of most fresh vegetables from October on account of seasonal factors mainly relating to dry weather conditions in most parts of the country," read the press release in part.
Nonetheless, CBK expressed that many farmers expressed confidence that most food prices would remain moderate in the coming months owing to ongoing harvests happening in parts of the country.
"The September 2024 Agriculture Sector Survey shows that the majority of respondents expect inflation to either remain unchanged or decrease in the next three months, on account of improved food supply with the ongoing harvests, the stable exchange rate, and a reduction in pump prices," CBK noted.
In recent months, Kenyans have faced an increase in prices of household items such as cooking oil.
The recent increase in cooking oil prices was attributed to taxation within the East African Community (EAC).
"The EAC Gazette, published on 30th June 2024, introduced a 10% import duty on crude palm oil for one year, following a stay of application on the EAC Common External Tariff (CET) rate of 0%," the Kenya Association of Manufacturers (KAM) explained.
This increase in production costs is expected to negatively affect the competitiveness of Kenyan products. For instance, the price of a 20-litre container of edible oil, which previously retailed at Ksh3,800, has now risen to Ksh4,200."
