Consumers set to feel the pinch as food prices set to soar-survey

According to data from the Central Bank of Kenya (CBK) Agricultural Sector Survey, which was conducted between May 9 and 12, consumer food prices increased moderately.

The survey sought to identify the factors influencing commodity prices offered by market sellers across the country.

The survey predicts that prices for sugar, bread, eggs, rice, and cooking oil will increase in the upcoming months, adding to the already exorbitant prices that customers in many regions have already experienced recently.

The retail price analysis between March and May 2023 also discovered a decrease in the cost of some necessary agricultural products.

Vegetable prices decreased in May as a result of the  extended rains that begun in March . 

Tomato farmers in Gilgil and Naivasha, for example, reported that supply from Subukia's main source markets had increased dramatically, resulting in a significant drop in prices.

Maize prices, however remained constant in May 2023.

The cost of various types of rice, beans, potatoes, sugar, and wheat continued to be high due to the effects of the protracted dry weather.

Sugar prices increased dramatically due to scarcity in the sugar belt, while milk prices also rose significantly as a result of higher feed and transportation costs.

Rice prices have not benefited significantly from the current crop in Mwea due to low yield.

Using the balance of opinion approach, the survey discovered that, similar to the January and March 2023 surveys, transportation costs, input prices, and weather conditions impacted both retail and wholesale prices in May 2023, with transportation costs having the greatest impact due to the removal of fuel subsidies.