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Oct 5 , 2021
The rate of inflation for food items has reached a staggering 42pc, a latest report from the Central Statistics Agency revealed.
The ballooning of cost of living has been a major hurdle for policymakers over the last two years, compelling Prime Minister Abiy Ahmed (PhD) to declare a national urgency during his inaugural speech yesterday.
Fast depreciation of the Birr against major currencies and dearth in the supply of food items have contributed to the inflationary pressure.
Last month, headline inflation reached 34.8pc, an increase from 30.4pc in August 2021. The non-food component of inflation also upped from 20.8pc to 25.2pc during the same period.
Such an increase was reported despite the attempt of authorities to curb the inflationary pressure through administrative measures, including the introduction of a price cap for food items and a ban on rent increase.
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