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{
    "id": 1432763,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1432763/?format=api",
    "text_counter": 33,
    "type": "speech",
    "speaker_name": "Lurambi, ODM",
    "speaker_title": "Hon. Titus Khamala",
    "speaker": null,
    "content": " Hon. Deputy Speaker, pursuant to Standing Order 44(2)(c), I wish to request for a statement from the Chairperson of the Departmental Committee on Finance and National Planning regarding the measures to contain the high cost of living in the country. Heavy reliance of Kenya’s economy on importation, which is largely dependent on the exchange rate for the Shilling against the United States Dollar (US$), remains the leading contributor to high cost of living in the country. The situation has, on various occasions, gotten worse especially when the value of the Shilling against the US$ depreciates. However, in the recent period of about three months, the Shilling has stabilised from its previous weakening trend and gained against the (US$). According to a bulletin released by the Central Bank of Kenya (CBK) in May 2024, the Shilling recorded a significant gain of Ksh135 against the US$ rate, from a previous rate of Ksh139. While a stronger Shilling has a stabilising effect on the economy, the gain in its exchange rate against the US$ has not significantly lowered the inflation rate and the cost of living in the country. The high inflation rate is negatively impacting pricing of essential commodities such as food and fuel, resulting in high costs of living. It is against this background that I seek a Statement from the Chairperson of the Departmental Committee on Finance and National Planning on the following: 1. Could the Chairperson explain why there has not been a significant positive shift translating into a reduction in the cost of living for Kenyans despite the significant appreciation of the Shilling trading rate against the US$? 2. What factors are hindering the lowering of cost of living in spite of the gain in the value of the exchange rate of the Shillings against the US$? 3. What measures is the Government taking to ensure that every gain in the trading value of the Shilling against the US$ results in lowering of prices of essential commodities especially fuel, food and electricity, which continue to burden the majority of Kenyan households? 4. What long-term measures has the Government taken to sustain the strength of the Shilling against the US$ and ensure that the gain in value of exchange rate translates more directly and equitably to lowering living expenses for Kenyans? I thank you, Hon. Deputy Speaker."
}