Brace for more price hikes as shilling hits new record low

CBK data shows the local currency exchanged at an average of Sh128.36 against the US dollar amid a deepening dollar shortage crisis. [iStockphoto]

The shilling hit an all-time low against the dollar on Wednesday, March 8, signalling inflation and higher cost of imported goods.

The weakening of the local currency also sets up the country for a higher cost of electricity and debt servicing distress.