Kenyans will have to dig deeper into their pockets to meet basic needs as prices of goods are projected to rise according to a monthly purchasing report by Stanbic Bank. The Purchasing Managing Index (PMI) report, indicates an upward surge in prices occasioned by companies passing down increased government taxation to consumers. "Higher purchasing costs were often passed on to customers in the form of greater selling prices, according to survey respondents.
Subsequently, January data signaled a solid increase in average prices charged," the report noted.
The PMI report further indicates that higher taxation has led to an increase in commodity prices and other imported items.
Residents walking in Nairobi Central Business District on Wednesday, 18 May 2022.
