Kenyans spend over KSh 300b on bets, cigarettes and liquor yearly

Kenyans spend more than KSh 300 billion on betting, cigarettes and liquor for the financial year 2021-2022 Data from EABL showed that Kenyan market sales increase to 70% of the brewers’ regional sales for the year ending July 2022 Safaricom PLC also announced that Kenyans placed more than 700 million bets for the year to March 31, 2022

A report released by the East African Breweries Limited (EABL) and Safaricom showed increased sales and service uptake.

EABL recorded gross sales of KSh 193.85 billion for the year ending June 2022, out of which 71% came from Kenya. Safaricom’s financial reporting for the year ending March 31, 2022, showed that KSh 169.1 billion was transformed into betting firms via the M-Pesa platform.

This means Kenyans pump KSh 463 million into the betting services per day, Business Daily reported. The Safaricom data showed that about 732 million bets were placed by Kenyans in the same year under review. High inflation This came at the backlog of the rise in prices of basic food items and household items that have seen inflation hit a record high of 8.3%.

Kenya National Bureau of Statistics report indicated that food prices plunged to a high of 15.3% compared to 13.8% in the previous months. Housing, utility and fuel prices increased to 14.6% in the inflation basket up from 9.2% reported in June 2022. A kilogramme of carrot cost rose from KSh 74.65 in 2021 to KSh 105.31 in July 2022. A kilo of maize grain price increased to KSh 72.32 up from KSh 54.98.

The prices of maize flour hit a record high of KSh 200 before the government intervened with the fifth stimulus package. Fuel subsidy This is after the government released subsidy for petroleum products and reduced the Value Added Tax (VAT) for Liquified Petroleum Gas (LPG). Energy and Petroleum Regulatory Authority (EPRA) revised pump prices for July 2022, retaining the price of a litre of super petrol at KSh 159.12, diesel at KSh 140 and kerosene at KSh 127.94.

Source: tuko.co.ke

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