"Prices are going up so fast!" Chiku Michael, 42, a Kenyan, has been under pressure from a sharp rise in the cost of living in recent months.
"The price of cornmeal has doubled as the raw material for Kenya's traditional food, Ugali; the fruit that was once common at home has become more and more like a luxury; we can't even use oil to cook, so we can only cook and eat," Michael told reporters.
Due to the continuous aggressive interest rate hikes by the U.S. Federal Reserve this year, as well as the soaring global food and energy prices, inflationary pressures in African countries have increased, impacting people's lives.
According to the latest data released by Kenya's National Bureau of Statistics, the country's inflation rate reached 9.2% in September, a five-year high.
The data show that between September 2021 and September 2022, Kenya's inflation rise was mainly due to the increase in the price of food and beverages, which rose by 15.5%. In addition, transportation costs rose 10.2%, and housing, water, electricity, gasoline, and other fuel prices rose 7.3%.
The "pain" brought by rising food prices to the local people is the most direct. Simon Chalay, a clerk at a grain store in the capital Nairobi, said: "Because the price of food is too expensive, the business of the shop next door is not as good as before.
People can barely afford staple foods such as wheat, soybeans, cassava, and corn. Although the amount purchased now is less than in the past, at least one meal a day can be guaranteed.
In addition to inflation, food prices are also under pressure from drought. Currently, the "Horn of Africa" region is suffering from severe drought, and food production has fallen sharply.
In southeastern Kenya, this year's maize harvest could be nearly 80 percent smaller than the five-year average in some agricultural regions. More than 4 million people in the country face food shortages, according to Kenya's National Drought Authority. Although Kenya entered a short rainy season in October, there was still no significant rainfall in most parts of the country.
Africa lacks food self-sufficiency and needs to import food. From 2018 to 2020, Africa imported $5.1 billion worth of wheat, accounting for 44 percent of Africa's total wheat imports, according to UN data.
Since the beginning of this year, Africa's food imports have continued to be blocked, which not only exacerbated inflation in African countries but also caused food security problems.
Kenyan economists believe that many African countries rely heavily on imports of food and crude oil, and the Fed's interest rate hike has boosted the dollar, directly pushing up the cost of importing these essential goods.
At the same time, many international investors withdrew from Africa due to the Fed raising interest rates, which affected the prospects of Africa's economic development.
