Kenya sees grain prices doubling on end of Black Sea deal
Russia’s announcement that it was withdrawing from a pact that allowed Ukrainian grains to leave Black Sea ports sent a shiver through poorer countries, many of which are already reeling from inflation, climate shocks and conflict.
Korir Sing’Oei, the permanent secretary at the foreign affairs ministry told Reuters that commodities that used to cost say a pound or two will now cost four, the prices will just double.
Kenya’s inflation decelerated to 7.9 percent in June despite suffering more than 60 percent jump in electricity and sugar prices.
The country’s cost of goods are expected to race even faster on new tax measures, high interest rates and shilling depreciation and now supply chain dislocations on end of the Russia Ukraine deal will push consumers to the limit while curtailing local demand.
