The price of wheat in the global market declined by almost 40 per cent from Sh5,118 in March, to Sh35,995 a tonne last week.
Russia, the world’s top wheat exporter, has also pointed to near-record amounts of wheat becoming available for shipment reversing the supply constraints that pushed up prices from February.
The price of wheat jumped 28 per cent between April and May after India also banned exportation of produce to protect its local stocks.
India is the world’s second-biggest wheat producer after China.
Grain Industries Limited, the millers of Ajab Chapati Flour, Ajab All-Purpose Home Baking Flour, and Ajab Mandazi Flour have already reviewed product prices downwards and more reduction is planned from next week.
"We have already reduced our prices of wheat flour by a margin and we are expecting the price to go down further either from next week or end of this month," Grain Industries Limited communication head Shaddrack Nzai told the Star on Tuesday.
He said a bale of Ajab flour which was retailing at Sh2,360 in March has dropped to Sh2,290 in June and will reduce further in coming days.
Kenya's imports about 66 per cent of its wheat requirements from Russia and Ukraine.
Kenya's projected wheat import target was at 2.7 million tonnes for the 2021-22 financial year.
The current blockade has seen a 400-gramme loaf of bread shoot to Sh60 from Sh50 with a two-kilogramme packet of whet flour now retailing at an average Sh206 from Sh150 in April.
Russian winter 2022-spring 2023 wheat production is projected at 85.37 million tonnes, against the 84.74 million tonnes and 80.6 million tonnes expected in April and November last year, respectively, according to recent estimates by Argus Media's agricultural advisory arm, Agritel.
This is expected to contribute to decline in wheat product prices since Russia and Ukraine are key players in the global grain market.
The countries wheat exports accounting for 23 percent of international trade in the last financial year, according to the US Department of Agriculture.
In June, the country’s cost of living (inflation) hit a four-year high of 7.9 per cent.
"Inflation was mainly due to increase in prices of commodities under food and non-alcoholic beverages (13.8 per cent); furnishings, household equipment and routine household maintenance (9.2 per cent)," KNBS director general McDonald Obudho said in a statement.
Prices of wheat flour-white, carrots and cooking oil (salad) increased by 12.7, 4.7 and 4.7 per cent in June 2022, respectively.
Transport costs increased 7.1 per cent and housing, water, electricity, gas and other fuels (6.8 per cent) between June 2021 and June 2022.
The current national annual wheat consumption is at 24 million bags and two million bags monthly. This is against an annual production of about two million bags.
In Kenya, wheat is produced in Narok, Nakuru, Uasin Gishu, Trans Nzoia, Meru and Laikipia counties but is not enough to meet local demand.
Manufacturers last month asked the government to waive the 10 per cent import duty on wheat.
