When fuel prices spike people can expect an increase in inflation

Martin Endjala Consumers may already understand the implications of higher oil prices because when fuel prices increase, a larger share of households’ budgets is likely to be spent on it, which leaves less to spend on other goods and services. The same goes for businesses whose goods must be transported from place to place or that use fuel as a major input such as mining, agriculture and construction industries. These were the words of Independent Researcher and Economist, Joseph Sheehama while reacting to the fuel price increment by the Ministry of Mines and Energy yesterday. The Ministry informed the public…