The Central Bank of Kenya’s (CBK) latest Monetary Policy Meeting Report predicts a rise in cooking oil prices over the next three months.
The report, released on Monday, December 9, attributes the expected increase to high global market prices. Since most raw materials used to produce cooking oil are imported, the price hike is anticipated to follow suit.
Agricultural stakeholders also forecast a potential increase in maize flour prices. According to the report, “Some respondents to the November 2024 Agriculture Survey expect moderate upward pressure on prices of select cereal items such as green maize due to seasonal factors, and cooking oil on account of higher global prices.”
Despite the anticipated cooking oil and maize flour price hikes, most other food prices are expected to remain stable or even decline over the next three months.
The CBK added, “Majority of respondents to the November 2024 Agriculture Survey expect inflation to either remain unchanged or decrease in the next three months, due to improved food supply from ongoing harvests, favorable weather conditions, stable pump prices, and a steady exchange rate.”
