Kenyans spend more despite stagnant and declining income

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Business Insider Africa

The purchasing power of Kenyans has seen a significant decline owing to some economic challenges. In the past year, citizens of the East African country have been faced with rising commodity prices, while their incomes stagnated. As a result, Kenyans could scarcely purchase goods the same way they may have been accustomed to. Kenya’s purchasing power drops 1.5% in 2023 amid rising commodity prices and stagnant incomes.Semi- and unskilled manual workers hit hardest with the greatest fall in spending, according to ICEA report.Despite income reductions, consumer spending remains relatively resili…

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