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(Bloomberg) — Kenyans should brace themselves for tougher economic times ahead because of the fallout from the Iran war, Prime Cabinet Secretary Musalia Mudavadi said.
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The surge in energy prices triggered by the US-Israeli war on Iran is expected to fuel widespread inflation, increase transport and manufacturing costs, and threaten jobs, Mudavadi said in a statement on Friday.
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“It might not be business as usual in the next three or four months as a result of what is happening in the Middle East,” he said. “The surge in oil prices is only one of the indicators that we should begin thinking of alternative solutions that will be available to make us survive.”
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Kenyan diesel costs have jumped 40% and gasoline 20% since the Iran war began on Feb. 28, triggered by a spike in global energy prices. The increase has stoked inflation in the import-dependent East African nation, and prompted the central bank last month to pause a two-year monetary easing cycle.
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The diesel price increases also sparked deadly protests in Kenya earlier this week that left at least a dozen people dead.
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The shockwaves from the Iran conflict have hit Kenya while the nation is still reeling from previous shocks including the Covid-19 pandemic and Russia’s war on Ukraine, Mudavadi said.
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“Kenyans must realize that it is not going to be like instant coffee to fix some of the challenges we are facing now,” he said. “What is happening in the Middle East, is going to be with us for sometimes,” Mudavadi said.
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