Ethiopia’s inflation rate rose to another record high of 37.2 percent in May up from 36.6 percent in April, according to the latest data released by Ethiopia’s Central Statistical Agency (CSA) on Saturday.
The inflation rate is already the highest in more than a decade in the eastern African country.
The CSA disclosed the inflation rate for food items had a slight increase of one percentage from the previous month, to reach 43.9 percent in May.
“The prices of cereals and vegetables showed a slight increase, while the prices of wheat, sorghum and maize showed a slight decline in May,” the CSA said.
“The prices of pulses, meat, milk, cheese, eggs, local cooking oil, non-alcoholic beverages, salt and pepper have increased, the CSA data further disclosed.
On a positive note, CSA disclosed the price for imported cooking oil showed a slight decline in May.
The steady increase in the rate of inflation in Ethiopia is happening despite local and federal authorities’ efforts to control inflationary pressures through administrative actions.
The combined effects of the COVID-19 pandemic, conflicts in various parts of Ethiopia and climate change induced drought conditions in southern and eastern Ethiopia has largely thwarted Ethiopian government’s ongoing efforts to stem the galloping cost of living in the east African country. Enditem
