Written By Lisa Murimi
Kenya’s Parliament is considering a new bill aimed at empowering the Ministry of Treasury to regulate the prices of eight key food items.
The Price Control (Essential Goods) (Amendment) Bill, 2024, would grant the Treasury Cabinet Secretary (CS) the authority to set both minimum and maximum retail prices for essential commodities, including maize, maize flour, wheat, wheat flour, rice, cooking oil, sugar, and prescription medicine.
The bill mandates that the CS announce price adjustments through a Gazette Notice after consulting industry stakeholders.
It also allows the CS to designate additional essential goods and adjust their prices based on market conditions, production costs, and their significance to economic development.
A newly established department, led by a director of price control, will oversee compliance, monitor price changes, and handle public education on pricing.
This move follows recent youth protests against high living costs and proposed tax hikes, which led to President William Ruto retracting the Finance Bill in June.
The bill aims to address public dissatisfaction with rising prices of essentials, as highlighted by earlier claims from Ruto’s administration of measures to reduce costs.
