Cost of living to ease post-polls, says Kenyan industrialist Vimal Shah

Kenyan industrialist Vimal Shah is optimistic about the potential decrease in the cost of living starting September due to the expected reduction in petroleum prices. In a recent interview with CNBC Africa, Shah highlighted that global commodity prices have been on a downward trend, including petroleum prices which have stabilized and decreased from previous highs. This overall trend in pricing sets the stage for a more favorable economic outlook in the coming months. Shah's confidence in the upcoming months stems from the current stability in commodity prices and the positive outlook on petroleum prices. With petroleum prices playing a significant role in the cost of living for many Kenyans, any potential decrease could provide much-needed relief to the general population. The anticipation of this reduction in costs has created a sense of optimism among investors and consumers alike. When discussing the recent delay in the announcement of election results in Kenya, Shah emphasized the importance of ensuring a thorough and accurate counting process. He acknowledged that manual counting processes have contributed to the time taken for results to be declared. However, with a legal timeframe of seven days for the final announcement, Shah expressed confidence that results will be available by the deadline. While the delay may cause temporary disruptions, Shah noted that businesses have continued to operate, and consumer activity has remained relatively stable. Shah also addressed the recent subsidy on flour in Kenya, highlighting the challenges posed by a sudden increase in demand due to the temporary price reduction. He emphasized the need for comprehensive cost management strategies to address the high cost of living and protect consumers. Shah underscored the importance of removing taxes on raw materials to streamline production costs and ensure competitiveness in the market. Looking ahead, Shah called for government intervention to address spending issues and implement cost-cutting measures to support economic stability. He pointed out the record tax collections in Kenya and emphasized the need for prudent financial management to sustain economic growth and address fiscal challenges. As the country navigates post-election developments and economic uncertainties, Shah's insights provide valuable perspectives on potential cost of living improvements and the broader economic landscape in Kenya.