Talking of hard times, Kenyans can better explain that. It`s a trying time for all Kenyans irrespective of their social class. Everyone is feeling and is being affected by the current economic situation prevailing here.
The shilling is depreciating like never before and soon it might fall with a thud. This has resulted to our imports being very expensive and hence, citizens have to dig deeper into their pockets to acquire the necessities they need in their daily lives. Oil prices are on the rise, and all other commodities will follow suit, adding more pain to the already sore wound.
Inflation is the term technocrats will use to explain this situation of prise hikes in the markets. From a one digit inflation rate, Kenya is now experiencing a double digit inflation rate. The latest statistics showed that inflation had risen to about 17% in the month of September. This is quite alarming! However, it does not stop at that: more rises in the inflation rate is still expected as long as the eurozone crisis is not resolved fast enough for the international economy to stabilize.
As if that is not enough, Kenya`s stock market is also in chaos. The Nairobi Stock Exchange has been worse hit in the current economic downturn. It was reported that it was the worst performing bourse among the 16 top bourses in Africa after experiencing the highest percentage fall in its index.
That notwithstanding, a severe drought just hit Kenya leaving the lives of many in the mercies of food donations.
Looking at all this together, one is left but to wonder: is it really that we are such desperate, or are there some supermasters behind our economical heart failure?
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