In his inaugural State of the Nation Address to a joint session of Parliament, President William Ruto pledged the government's unwavering commitment to addressing the soaring cost of living.
Nairobi — President Ruto acknowledged that the combination of the Covid-19 pandemic, disruptions in the global supply chain, and geopolitical conflicts had significantly contributed to rising inflation.
"As I told Kenyans on my first day in office, times were difficult, and many people are struggling, necessitating urgent and effective sustainable solutions. We must admit that as a country, we had been living large and way beyond our means," President Ruto stated. President Ruto also pointed out that the government had succeeded in reducing the cost of living for certain essential commodities, such as maize flour, which is now retailing at prices ranging from Sh 145 to Sh 175 on the higher end.
President Ruto emphasized that past policy errors, including subsidies, had resulted in wasteful expenditures that had contributed to an increase in the country's debt ceiling.