Thursday, July 25, 2024
BusinessUnabated Inflation shows marginal increment

Unabated Inflation shows marginal increment

With the cost of living showing no improvement, the inflation rate or Consumer Price Index of Ethiopia has marginally increased from 15.4 percent to 15.5 percent as of July, 2019.

Moreover, according to the Central Statistics Agency (CSA), food inflation in the country increased from 19.8 percent to 20 percent, while non-food inflation also increased from 10.2 percent to 10.3 percent.

According to a monthly report from the Agency,In the current month, increase has been observed in major Cereal types (especially Teff, Rice, Barely, Wheat, Sorghum and Maize).” “The expected decline in the price of Maize during the rainy season was not realized since it continued increasing from month to month. The price of Bread has also registered a slight increase,” reads the report.

When it comes to an increase in non-food inflation, the report attributed the increase to “the rise in the prices of clothing and footwear, house rent, housing repairs and maintenance, energy (firewood and charcoal), household goods and furnishings, Health Care and Transport (Specially, Household Cars).”

It can be recalled that back in May, headline inflation showed an 11-month high of 16.2 percent back in May, 2019 where food inflation increased from 14.5 to 20.7 percent. In the same token, non-food inflation increased from 0.1 percent to 11 percent.

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Back in June, following the escalation in the cost of living, it can be recalled that a taskforce was formed to come-up with a solution for the continued rise of inflation. The force was said to conduct researches and forward recommendations to the macroeconomic committee, chaired by Prime Minster Abiy Ahmed (PhD).

According to Trading Economics, inflation rate in Ethiopia averaged 16.03 percent from 2006 until 2019, reaching an all-time high of 64.20 percent in July of 2008 and a record low of -4.10 percent in September of 2009.

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