ADDIS ABABA, July 11 (Xinhua) — Ethiopia’s inflation rate eased to 34 percent in June, down from 37.2 percent in May, according to the latest data released by the Central Statistical Agency (CSA) Monday.
The dip in inflation rate reversed months of continuous increase in the inflation rate of the East African country, a trend that has strained the finances of many Ethiopians.
The CSA disclosed the inflation rate for food items decreased by nearly 6 percentage points to 38.1 percent in June. Ethiopia’s food inflation rate for May was 43.9 percent.
“The Ethiopian inflation situation in June 2022 is relatively in a better situation as compared to the challenging situations both at national and international levels,” the CSA said on a positive note.
The latest CSA data, however, showed the non-food inflation rate is still on a continuously rising trend, reaching 28.4 percent in June, an increase of 0.4 percentage points from May.
The first decrease in months in the rate of general inflation in Ethiopia occurred as local and federal authorities continued with efforts to control inflationary pressures through administrative actions.
The combined effects of the COVID-19 pandemic, conflicts in various parts of Ethiopia, high global oil prices, as well as climate change-induced drought conditions in various parts of the country have largely frustrated the Ethiopian government’s ongoing efforts to stem the galloping cost of living in the East African country.
