“Kenyan firms continued to lower employee wages in February as the survey data indicated a fourth successive monthly decline in salary costs. Firms often commented on efforts to maintain their current workforce sizes amid a drop in revenues due to Covid-19,” said the survey released yesterday. These factors resulted in an increase in output and new orders,” said Stanbic Fixed Income and Currency Strategist Kuria Kamau. “While inflationary pressures from the higher VAT and raw material shortages led to a steep rise in output prices. Firms also reported material shortages, higher fuel costs and currency weakness.

Source: Standard Digital March 04, 2021 01:56 UTC