On Tuesday, prices at the Mombasa tea auction hit a seven-month high following panic purchases made by traders ahead of the October 26 presidential election.
According to statistics released by the East African Tea Traders Association (EATTA) a kilogram of tea was sold at an average price of Sh 310 at the auction this week compared to Sh297 last week.
“The average prices have been good enough and they are reflective of good demand as traders want to have enough stocks,” said Edward Mudibo, EATTA managing director.
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Several traders believe that the commodity will continue to sell at Sh300 per kilo as elections are just around the corner.
The Tea Directorate has linked the rise in prices to the uncertainty of the outcome of the presidential poll.
Mudibo added that a majority of individuals have been trading for more then Sh400 which has helped improve the commodities’ price performance at the auction.
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