Jul 17 , 2022
Year-on-year inflation, which has clocked in at above the 30pc mark for 11 consecutive months beginning last August, registered at 34pc last month. It represents a decrement for the first time since February 2022, according to the Ethiopian Statistics Service. Food inflation registered at 38.1pc in June, six percentage points lower than the rate recorded in May. Non-food inflation sat relatively unchanged at 28pc. The Service reports headline inflation averaged 33.7pc over the 2021/22 financial year. The figure for average annual food inflation was a little over 40pc, nearly double the rate recorded the year prior. Inflation is likely to spike in the coming months as a result of government policies, including the progressive lift of fuel subsidies that began a few weeks ago. Retail prices for a litre of benzene have spiked to 47.83 Br at pumping stations, up nearly 30pc. Diesel soared by 40pc to 49.02 Br a litre.
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