It is two years since Russia invaded Ukraine, and within this time the world has experienced significant energy and economic changes. The economic sanctions imposed on Russia by USA and Europe reduced Russian oil and gas supplies to Europe, followed by global supply chain re-arrangements that resulted in oil price increases from $70s to above $80 and peaking above $100 at some point.
Inflation shot up across the world, with central banks increasing interest rates which weakened many currencies around the world. In Kenya, this is the economic situation that the new Kenya Kwanza government found —high inflation, weakening shilling, and a food security crisis exacerbated by restrictions on grain exports from Ukrainian granaries at a time when Kenya was under an extended drought.
