Ethiopia inflation eases for third straight month

Ethiopia's inflation rate eased to 32.5 percent in August, marking the third straight month inflation had been decreasing in the East African nation, according to data released by the Central Statistical Agency (CSA) Monday.

Ethiopia recorded an inflation rate of 34 percent in June and 33.5 percent in July. In May, inflation rose to 37.2 percent, one of the highest levels in recent years.

The CSA disclosed the inflation rate for food items decreased by more than 2 percentage points to 33.2 percent in August, compared to 35.5 percent in July.

The latest CSA data, however, showed non-food inflation rate is still on a continuously rising trend, reaching 31.5 percent in August, an increase of 1.1 percentage points from the July data.

The recent decreases in general inflation occurred as local and federal authorities continued with efforts to control inflationary pressure. 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, however, have largely frustrated the government's efforts to stem the galloping costs of living in the country.

Source(s): Xinhua News Agency

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