Numbers that show Kenyans had difficult year

Employees at a local supermarket clean jup after it was vandalised by a group of youth who looted property. [File, Standard]

Whether it was the rise of inflation or setbacks for the stock market, a few stark numbers spoke volumes about the economy and personal finance during the year.

Here are some of the most important figures that together tell the story of how our financial lives changed in 2022.

9.5 per cent

This marked the price of goods, household energy bills, and transport in November.

The sustained high inflation has forced many households, especially in the low-income segment, to reduce their shopping basket.

Food costs are elevated due to poor weather conditions and supply constraints, with higher transport charges expected to be loaded onto the final price.


This is the cost of diesel per litre in Nairobi. Kerosene on the other hand is retailing at Sh145.94, according to the monthly prices set by the Energy and Petroleum Regulatory Authority (Epra).

Petrol, mostly consumed by private cars is retailing at Sh177.30.

The sustained high fuel prices have had a knock-on effect on the cost of living and doing business in the country, with the prices of goods, household energy bills, and transport remaining stubbornly high.

Fuel costs have a direct bearing on inflation, being one of the items whose pricing is tracked to measure the cost of living.


As per the Central Bank of Kenya (CBK) data, this the rate Kenya shilling is exchanging to the dollar. This has, set up the country for more expensive imports, electricity and debt servicing distress.

The continued weakening of the local currency is expected to push up living costs, hurting households already subjected to high fuel and food prices, experts said.
The shilling has been on a free fall hitting an all-time low against the dollar, signaling inflation and higher costs of imported goods.

The continued loss of the shilling against the dollar had seen the CBK intervene to cushion further loss.

A weak shilling is harmful to Kenya given it is an import-driven economy.
Kenya imports various goods including cars, petroleum, machinery, medicine and pharmaceuticals products, vegetable oil, wheat, clothing and shoes.

Sh50 billion

The value of the new administration's pet empowerment fund dubbed the Hustler Fund launched on November 30 by President William Ruto.

Earlier data showed about 40 per cent of money borrowed from the Hustler Fund after its launch had not been repaid within the mandatory 14-day period, underlining the potential crisis the new administration faces in managing the Sh50 billion fund.

Co-operatives and Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui says that as of December 14, date when the loans issued on the first day of the fund were due, about 60 per cent had been repaid. This meant that 40 per cent could be at risk of default.


The amount of new meters for new grid connections that Kenya Power is eyeing to import early next year to resume stalled power connections around the country.

The lack of meters could derail the new government's plan to ramp up electricity supply as part of President William Ruto's new administration's campaign manifesto to connect households and businesses to power.


The amount of money released by the International Monetary Fund (IMF) to cash-strapped Kenya for budgetary support and the fight against drought. The $447 million has offered a financial lifeline to the William Ruto administration but also ushered in a raft of tough austerity measures likely to hurt Kenyans amid a raging cost of living crisis.


Kenya's new long-term foreign-currency issuer default rating after a down grade from 'B+'. Global ratings agency Fitch downgraded Kenya's credit rating dimming the country's chances of tapping cheap credit on the international market.

A credit rating cut is significant because it may influence a country's cost of borrowing in the international financial markets.

October 3

The date Kenya lifted a decades-old ban on Genetically Modified (GM) crops in response to the worst drought to affect the East African region in 40 years, with authorities hoping it will improve crop yields and food security.

Nairobi has been under pressure from GM-dealing firms to allow access to their products, and the latest approval provides a huge market for such players, especially American companies which are the world's biggest producers of GM crops.

Sh2.67 trillion

The amount President William Ruto's administration will require to fully implement the it's bottom up economic policy interventions in the five years to 2027.

This is the amount the Kenya Kwanza administration requires to fund its ambitious economic growth and job creation plan according to the Parliamentary Budget Office.

8.75 per cent

The Central Bank benchmark rate. The hike is the third in 2022 and brings cumulative increases to 175 bps, the most in seven years.


The amount in cost savings President William Ruto has asked his government to find ways for cutting budgeted spending.

This is at least nine per cent in this fiscal year. In his maiden speech to Parliament, Ruto proposed reducing spending by Sh300 billion in the year through end-June, nearly half of its development budget. "Our financial situation is not very good," he said.

900,000 tonnes

Maize millers and traders will have six months - between February and August next year - to import 900,000 tonnes of white maize into the country, according to National Treasury Cabinet Secretary Njuguna Ndung'u.

Sh3.64 trillion

President William Ruto plans to spend Sh3.64 trillion in the next financial year - the country's biggest budget in history. The president's first budget to draw up and implement since taking office on September 13 is 10 per cent higher than the Sh3.3 trillion budget for the current financial year to June 2023, crafted in the last day's of the Jubilee administration and being implemented by Ruto's government.

Sh26 billion

The amount of money former President Uhuru Kenyatta's cheap power plan cost the taxpayers over a one-year period. The cheap power plan saw power utilities and the National Treasury under Uhuru's regime contribute Sh26 billion to shield Kenyans from the high cost of power.

8.745.76 trillion

The amount of Kenya's public debt. Treasury is trying to balance its debt portfolio, which is fast approaching the allowed Sh10 trillion limit after expensive commercial debts piled up, taking up more than 60 per cent of tax revenues.

Treasury CS Njuguna Ndung'u has maintained the State will opt for direct concessional budget funding from multilateral lenders instead of expensive domestic and foreign commercial debt.

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