June Headline Inflation Registers at 34pc, Food Inflation at 38pc

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.


Radar

Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


Radar

AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Radar

Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...


Back
WhatsApp
Telegram
Email