NAIROBI, Kenya Dec 13 – A new research by TIFA has shed light on the financial challenges faced by Kenyan citizens due to the soaring cost of living.
The report discloses that a significant 87% of Kenyans have been compelled to reduce their personal expenditure in response to these economic pressures.
The report further breaks down the categories where Kenyans have had to cut back on their spending. Transportation stands out as one of the most affected sectors, with 15% of respondents reporting reductions in this area.
Additionally, clothing and entertainment have also seen expenditure cuts, accounting for 9% and 8% of the reductions, respectively.
According to the TIFA report, food is the primary category where individuals across different income groups have had to trim their expenses due to inflation. This trend holds true for Kenyans in various income brackets, with those earning above Sh. 20,000/- reducing their food expenditure slightly less than those earning below Sh. 5,000/- (79% vs. 88%).
The report highlights that a staggering 84% of Kenyans now perceive their current economic situation as worse than it was a year ago, irrespective of their political affiliations. Interestingly, supporters of the Kenya Kwanza government are reported to be four times more likely to feel better off compared to opposition supporters (11% vs. 3%).
The Kenya Kwanza administration faces the challenging task of addressing a declining economy and the sharp increase in the cost of living, which has compelled Kenyans to dig deeper into their pockets, particularly when purchasing essentials like fuel.
