Kenyans may soon face higher cooking oil prices, according to the latest Monetary Policy Meeting Report from the Central Bank of Kenya (CBK). Released on Monday, December 9, the report projects an increase in prices over the next three months, driven by rising global costs for raw materials used in cooking oil production.
With a significant portion of these raw materials being imported, the report warns that local prices are likely to rise accordingly. Currently, a liter of cooking oil retails between Ksh280 and Ksh320 in supermarkets.
The report also noted potential price increases in maize flour, with agricultural stakeholders citing seasonal factors and higher global prices as contributing factors. “Some respondents to the November 2024 Agriculture Survey expect moderate upward pressure on prices of select cereal items such as green maize and cooking oil,” the report stated.
On a more optimistic note, the CBK report highlighted expectations for price stability or reductions in most food items over the coming months. “A majority of respondents anticipate inflation to remain unchanged or decrease in the next three months, driven by improved food supply from ongoing harvests, favorable weather conditions, stable pump prices, and a steady exchange rate,” the report concluded.
Consumers are advised to prepare for potential price adjustments while benefiting from stability in other essential goods.
