Fortune News | Dec 11,2021
Aug 4 , 2021
Prices of food items hit a level recorded a decade ago, with headline inflation at 26.4pc last month, according to the Central Statistics Agency (CSA).
Such rates have not been registered since the time of the late Prime Minister Meles Zenawi, whose administration’s exchange rate adjustment policies were criticised as inflationary.
Driven by the fast depreciation of the Birr against major currencies and supply-side problems, the cost of living has been ballooning over the last three years.
The Birr has been depreciated by as high as 25pc against the Dollar since last year, a development that makes imports expensive while chipping away at the value of exported goods.
The prices of food showed a strong upward trend during the last month, while non-food items showed an almost similar increase. Food prices have surged by 32pc, the highest in 10 years, and non-food inflation stood at 19pc, showing no change since June 2021.
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