January Inflation Rate Tops 34pc

Feb 12 , 2022


Headline inflation, an indicator of the cost of living, slowed down in January, reaching 34.5pc, according to the latest consumer price index from the Ethiopian Statistical Service. The rate is slightly lower than the headline inflation of 35.1pc recorded last December, the highest seen in nearly a decade. The report details that food inflation clocked in at 39.9pc while non-food inflation surged to 27.3pc. The Benishangul-Gumuz Regional State was worst affected, recording a 45.4pc annual increase followed by Harari Regional State at 41.7pc. Headline inflation in Addis Abeba sat at a little over 32.4pc, the second-lowest next to the Amhara Regional State.  Inflation rates have been inclining over the past couple of years, first hitting the 30pc mark last August. The report indicates that inflation rates in Tigray Regional State "remain the same." However, a report released by the United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA) last year identified hyperinflation in Shire and Meqelle. It conducted a rapid assessment beginning last June on ten household items including benzene, cooking oil, bread and salt. It reported that a litre of benzene increased 2,300pc to 600 Br in Meqelle, while the retail price of a litre of cooking oil quintupled in Shire, at 500 Br a litre.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...