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Ethiopia Inflation Reaches New High

FILE: Ethiopian Primer Minister Abiy Ahmed (L) addresses the members of the Parliament during a session, in the city of Addis Ababa, Ethiopia, on June 14, 2022.

Ethiopia’s inflation rate rises to another record high of 37.2 percent up from 36.6 percent in April, according to the latest data released by Ethiopia’s Central Statistical Agency (CSA).

The inflation rate in Ethiopia is the highest in more than a decade.

“The prices of cereals and vegetables showes a slight increase, while the prices of wheat, sorghum and maize showes a slight decline in May.”

On a positive note, Ethiopia's CSA disclosure of the price for imported cooking oil showed a slight decline in May.

“The prices of pulses, meat, milk, cheese, eggs, local cooking oil, non-alcoholic beverages, salt and pepper have increased”, based on CSA data.

The steady increase in the rate of inflation in Ethiopia is happening despite local and federal authorities’ efforts to control inflationary pressures through administrative actions.

The combined effects of the COVID-19 pandemic, conflicts in various parts of Ethiopia and climate change-induced drought conditions in southern and eastern Ethiopia have largely thwarted the Ethiopian government’s ongoing efforts to stem the galloping cost of living.