A recent survey has disclosed that majority of Kenyans are optimistic that the year 2024 will be a better year compared to 2023.
Additionally, the survey by TIFA noted that 61% of Kenyans have expressed optimism that the new year will be an improvement from the previous two.
The research further noted that the optimism serves as a positive outlook among the citizens despite most Kenyans rating 2023 worse than the previous year.
According to TIFA, a resounding 87% of Kenyans agreed to have felt the heat of the escalated cost of living this year.
The survey aimed at formulating a poll on Kenyan’s reflections on economic matters in the year 2023 across different counties.
Furthermore, the survey also included reflections on aspects such as political climate, credit access and employment prospects.
When asked about comparing this year’s cost of living to last year’s, a substantial majority of 87% indicated an escalated rate.
“This perception aligns with reality, evident in the noticeable price rise for essential household items, electricity, fuel, and more,” read part of the report.
Furthermore, the report indicates that most Kenyans have suggested the need for focused attention from policymakers, economists, and relevant stakeholders.
Kenyans Not Happy
The report further indicated, “They need to address the factors contributing to the rising cost of living and implement measures that can alleviate the financial burden on the citizen.”
Nonetheless, out of the Kenyans involved in the cost-of-living survey, only 6% indicated that this year was better than 2022.
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In addition, another 6% believe that the cost of living in 2023 was just the same as 2022, with 1% indicating not being sure.
The report further indicates that the perception of an escalated rate is more prevalent among urban residents from areas such as Nairobi.
Specifically, Nyanza and Nairobi regions have over 90% of respondents stating that the cost of living deteriorated in 2023.
On the other hand, the research also released the polls from Kenyans over the state of the economy.
The report noted, “81% of respondents say that the economic situation has worsened compared to the previous year.”
Also, unemployment is another major concern among Kenyans according to the TIFA report.
The survey results reveal that a majority, 64%, of Kenyans perceive a decline in employment opportunities in 2023.
Notably, the survey involved a total number of 1,587 respondents across all the regions in the country between November 25th to December 9th, 2023.
Govt on Inflation Rates
Additionally, the TIFA report comes at a time when the government announced a reduction in the inflation rates this year.
In press statement by the government spokesperson Isaac Mwaura, it noted that Kenya’s inflation has reduced from 9.1% in December 2022 to 6.6% this December.
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Furthermore, Mwaura maintained that the 2.5% reduction put Kenya among the nations with a low inflation rate.
“We are having one of the lowest inflations even as other countries have soaring inflation of up to 35%,” said Mwaura.
Mwaura released the statement following a report released by the Kenya National Bureau of Statistics.
Notably, the KNBS report highlighted the consumer price indices (CPI) and inflation rates for December 2023.
“The overall year on year inflation rate as measured by the CPI was 6.6% at December 2023,” read part of the report.
