A recent survey conducted by the Central Bank of Kenya (CBK) has revealed promising projections of a significant decline in food prices, including cooking oil, in the month of February.
The survey, which engaged agricultural stakeholders, highlights the proactive measures taken by President Ruto’s administration to address food affordability and accessibility for Kenyan citizens.
In the Agricultural Survey Report released on Friday, February 9, 2024 the CBK indicated that cooking oil prices are expected to decrease this month, attributed to the global drop in prices and the recovery of global palm oil production.
Furthermore, the report anticipates a reduction in the prices of basic cereals such as green grams, as ongoing harvests in various parts of the country are set to bolster the supply, thereby contributing to a decline in prices.
“The respondents expected a lesser price decline one-month ahead, which largely reflects seasonal factors. However, price expectations of onions, carrots, tomatoes, and potatoes point to a decline, consistent with subsiding rainfall as these crops do well in a limited rainfall environment,” the report stated.
Moreover, the report shed light on Kenya Kwanza’s proactive approach in addressing potential challenges, such as the impact of floods on rice production and the implications of market dynamics on importation costs.
The projected drop in food prices, including cooking oil, reflects President Ruto’s dedication to promoting food security and affordability, ultimately benefiting Kenyans and contributing to overall economic well-being.