Rising cost of living is globally fueled, Kanze Dena says

A day after the hike in prices of petrol and diesel, Kanze Dena has said the rising cost of living is a global phenomenon and not just a Kenyan issue.

Speaking to Radio Kaya on Tuesday morning, she said that the issue is fueled by numerous external forces.

“The rising cost of living is not exclusive to Kenya, it is a global phenomenon fueled by numerous external factors among them the ongoing Russia-Ukraine war which has led to a rise in the global price of petroleum, which is a key factor of production,” she said.

Days before yesterday’s report on fuel hikes, the Oil Marketing Companies (OMCs) deliberated on the way forward after the government indicated it would be difficult to sustain its subsidy fund as global prices skyrocket due to the Russia/Ukraine crisis.

"Undeniably, the Russia-Ukraine conflict shall affect the cost of production in Kenya, and further increase the cost of living in the country," KAM chief executive Phyllis Wakiaga said.

Ongoing Russia’s invasion of Ukraine has led to a price jump in oil prices which last month hit $100 per barrel for the first time since 2014, impacting the cost of living across the globe.

“The war between Russia and Ukraine has already affected global prices. Kenya relies on both Ukraine and Russia as one of the key exporters for grain as they account for 33 per cent of global wheat supplies,” CMA chief executive Paloma Fernandes told the Star.

Today is the 20th day since Russia invaded Ukraine. However, negotiations between Russian and Ukrainian representatives are set to resume, according to Ukraine's President.