The high cost of living currently experienced in the country has pushed consumers towards buying cheaper brands in a quest to reduce the pressure on finances.
This realization is according to a new survey carried out across the month of August by Geopoll dubbed the Global Cost of Living Crisis.
Moreover, consumers have also sought to buying fewer non-essential products, reduced travel, and shifting to cheaper transport means to address the issue of high cost of living.
Likewise, consumers have turned to saving the little they can manage, moved to cheaper houses, sold household goods including livestock and borrowed from both banks, friends and family members.
The Global Cost of Living Crisis survey which covers Kenya and nine other countries has revealed the costly impact of high inflation on households.
Furthermore, out of 400 respondents from Kenya, 47 per cent of the population have indicated a worse off financial position than six months ago with 46 per cent of respondents indicating a reduction in income over the same period.
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Similarly, 88% of Kenyans emphasized on the increase in the prices of goods and services with the most hit products being maize, wheat, cooking/edible oil, cooking gas/fuel, fertilizer and sugar.
Also Read: Government Not Responsible For High Cost Of Living – Oguna
According to the survey, nine out of every ten Kenyans noted that the rising prices have eroded their household’s standard of living in the past six months.
Furthermore, around half of the respondents or 55 per cent of persons are tremendously concerned about their ability to pay bills in the coming six months.
Inflation set a new five years high of 9.2 per cent by end of September off the back of persistent increases in the cost of food and fuel over the recent months.
The Central Bank of Kenya (CBK) raised its benchmark interest rate by three quarters of a per cent/0.75% to 8.25 per cent at the end of September in its resolve to reinstall price stability in coming months.
