There has been a general reduction in prices of key food items last month compared to February. This is according to Central Bank of Kenya (CBK) Agriculture Sector Survey findings.
The survey conducted from March 11 to 15, 2024 was aimed at identifying market expectations and recent trends on prices of key commodities and output of key agricultural commodities.
The drop in prices indicates a positive trend for consumers.
Reads part of the report, “The decrease in prices of cereals and cereal products was mainly supported by the bumper harvest following favourable October-December 2023 rain season, with rainfall continuing into January 2024.”
Most respondents are optimistic prices of food will continue to decline for the next four months.
“This view has been influenced by the continued good performance of agriculture following favourable weather. The reduction in pump prices even though still elevated relative to the same period last year; and the continued strengthening of the Kenya shilling.”
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Respondents also observed that agricultural sector will experience various challenges such as transport costs, weather conditions and input expenses will continue to affect both output and prices of key food items.
Notably, about 70 per of sampled farmers reported they have benefited from subsidized fertilizer.
“The proportion of respondents who reported to have accessed government subsidized fertilizer increased substantially to 67 percent in March 2024, from 53 percent in January 2024 survey,” the report added.
“As in the previous surveys, the reasons given for not being able to get the subsidised fertiliser were similar in the March 2024 survey. These included lack of information on availability of the subsidized fertilizer, challenges around the logistics of access, and demand outstripping supply.”
CBK, based on these findings, has come up with some key recommendations to the agricultural sector. They include addressing continuing to subsidize inputs, high fuel prices, enhancing agricultural extension services, improving water infrastructure and deepening access to affordable credit facilities.
By our reporter
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