Food prices such as sukuma wiki (collard greens), matumbo (offal), beef, and tomatoes rose the fastest, hurting Kenyan households whose incomes barely increased during that time. A kilo of beef with bones cost an average of Sh474.52, up 46.9 percent from Sh322.95 in 2012.

Margarine and dry beans increased by 40%, while loose maize grain and common salt increased by 36.4 percent and 29.4 percent, respectively. According to Standard Chartered’s Wealth Expectancy Report 2022, half of high-net-worth individuals are concerned about inflation.

According to the report, 67% of Kenyan investors intend to reduce their cash holdings in order to keep up with inflation.

BDA