Cost of Living Dips for Third Month

Feb 8 , 2020


Headline inflation, a measurement of the cost of living, dipped for the third consecutive month, reaching 18.7pc last month, according to the Central Statistical Agency (CSA). The rate showed a 0.8 percentage point decline from the previous month. In January food inflation hit 22pc, a 2.7 percentage point decline from the preceding month. Non-food inflation has also slightly fallen to 15pc from the 15.8pc rate registered in December. Slight declines in prices of some cereal types such as maize, rice, wheat and sorghum were observed, according to the report. "However, teff's price increased last month," reads the report. "Increases in meat prices continued, though the increases were not as exaggerated as in the previous months." Prices of tomatoes, cabbage and carrots showed a slight decline, indicated the report.  Higher prices of stimulants (khat), clothing and footwear, house rent, housing repair and maintenance, energy and household goods and furnishings, health care and transport caused the growth of the non-food inflation rate. Though the rate has declined from the preceding month, last month's rate still stands higher than the average rate of the past fiscal year, which had headline inflation of 13.7pc.


Radar

Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


Radar

ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


Radar

SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...