The government is set to introduce the Price Control (Essential Goods) (Amendment) Bill, 2024, aimed at regulating the prices of eight basic food items. This move grants the Treasury Cabinet Secretary the authority to establish minimum and maximum retail prices for commodities such as maize, wheat, rice, cooking oil, and sugar.
“This bill is a necessary step to protect consumers from price fluctuations and ensure that essential goods remain affordable,” stated a government official involved in drafting the bill. Once passed, the Treasury CS will publish pricing announcements in the official Gazette after consulting industry stakeholders.
The proposed legislation also allows for the designation of certain goods as essential, with the CS responsible for deciding their pricing categories. “We are committed to stabilizing the market and addressing the high cost of living that many Kenyans are currently facing,” said the official.
Furthermore, the bill mandates the creation of a dedicated department to monitor compliance with the price controls, tasked with analyzing market data and enforcing pricing directives.
This initiative follows widespread protests in June, where Kenyan youth rallied against proposed tax increases that contributed to the rising cost of living. “We cannot continue to struggle with such high prices for basic necessities,” one protestor remarked.
As the government seeks to implement tighter controls, the outcome of this bill could have far-reaching effects on the economy and the lives of everyday Kenyans.
