3 June 2011

Kenya: Expect No Solution for High Cost of Living

Do not expect the prices of food and fuel to come down anytime soon. Kenya revenue Authority commissioner General Michael Waweru and CBK governor Nnjuguna Ndungu have told the parliamentary Select committee on cost of living that the situation is beyond their control.

Njuguna says political crisis in the oil-producing countries in the Middle East and in North Africa are to blame for the high fuel prices. Waweru told Mps that if they agree to pay tax, the country will net an estimated 1 billion shillings which will assist in offsetting some of the subsidies being offered by the government especially on Oil products.

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