It did not take much time for Ageze Moges, 25, to get a job when he moved to Addis Abeba six years ago. Relocating to the capital from the Gurage zone, he found work as a casual worker serving shops in Mercato. No sooner, he had moved to the Teklehaimanot neighbourhood, making a living porting metal products for the many stores in the area catering to the construction industry.

It was not a bad start, Ageze recalled. He worked nearly every day and saved most of what he had made - up to 300 Br a day. In his second year, he went back home visiting family, with supplies, gifts and household items. It is customary for those from the region to join family members and celebrate the Mesqel holiday, a sort of a Thanksgiving season.

To his disappointment, Ageze did not make the trip this year.

“I couldn't buy anything to take to my parents,” he said.

Ageze has been having trouble finding work. Lately, he has spent his days wandering idly near the stores in the Teklehaimanot area.

Businesses have been affected over the past year due to the slowdown in the construction industry brought on by the COVID-19 pandemic. The rebar stores in the neighbourhood where Ageze hangs around were hit by a dearth in supply of items, putting a strain on his livelihood. He was hopeful things would have gotten back to normal soon, though it seems the situation has gone from bad to worse. The neighbourhood has become a target of a crackdown by authorities of the city administration. Accused of hoarding and price gouging, the rebar stores in the Teklehaimanot area remain mostly closed.

With the inflationary pressure spiralling beyond authorities' control, state-directed market interventions have become the norm lately.

Some regions have already introduced a price cap, while others, including the Addis Abeba City Administration, have capped traders from making price adjustments on merchandise, overlooking the supply gap equally contributing to the inflationary pressure. Those defying the new normal have already fallen victim to the government's big-stick policy approaches.

One of the city's busiest areas, and under Wereda 01 of the Addis Ketema District, Teklahaimanot has alone seen the closure of over 70 businesses, a third of which are rebar stores.

United Alpha is one of nearly 1,900 businesses closed by the authorities in the capital to stem what they call "economic sabotage." Its store in the area was closed three months ago, and its warehouse in the Kolfe Qeranyo District followed a month later on allegations of hoarding metal products, tyres, and tubing. A further 800 businesses in the city have had their trade licenses revoked by the authorities, while around 30 face criminal charges.

“Unfair price increases and making the lives of residents miserable are the main reasons," said Yeshidinber Amare, head of the Wereda, justifying the decision for the widespread closure of businesses. "A few businesses were found supporting armed groups in Tigray.”

Nonetheless, dozens of these businesses have been attempting to reopen using new trade licenses. Another 15 have filed appeals before his office. United Alpha, continuing to pay its 50 employees while closed, is among the latter.

Similar measures were taken in Oromia Regional State, affecting over 10,000 businesses that have been fined, closed or are facing criminal charges.

The figure for the whole country is staggering. Over 60,000 businesses were closed in the last three months, according to the Ministry of Trade.

There is a federal task force headed by the Trade Ministry overseeing the crackdown. It comprises members from the Federal Police Commission, the National Intelligence & Security Services, the Customs Commission, the Trade Competition & Consumer Protection Agency, and representatives of regional trade offices.

Akeberegn Wugagen, deputy head of the Addis Abeba Trade Bureau, is among a slew of officials at the city, regional and federal levels who claim hoarding and price gouging are behind the skyrocketing cost of living, though evidence shows otherwise. He is responsible for coordinating with officials in neighbouring towns, convinced that the crackdown has been a success in stabilising the market and holding those "responsible" accountable.

Headline inflation registered at nearly 35pc last month, while food inflation hit a staggering 42pc.

Despite the authorities enthusiasm for their heavy-handed intervention, experts see employing administrative measures does little to help tame the inflationary pressure. Keeping inflation at bay requires an understanding of the source of the problem, with an insight into its historical context, says Alemayehu Geda (Prof.), a professor of economics who has published several studies on inflation.

Inflationary pressure is not new to Ethiopia. It has been a major macroeconomic problem recurring since the mid-2000s.

But the latest began in October 2017 following the devaluation of the Birr against the dollar by 15pc, a policy measure that pushed up the headline inflation to a five-year high within two months. Macroeconomic policymakers had hoped such an adjustment would make exporters competitive in the international market, making buying merchandise in the domestic market cheaper. Alemayehu was one of the vocal voices against the devaluation, and time has vindicated voices like his.