Ethiopia's inflation rate jumped to 8.5 percent in October from 6.9 percent a month earlier, driven primarily by higher food prices, Reuters reported, citing data from the Ethiopia's Central Statistical Agency.

Food prices rose 7.8 percent over the 12-month period compared with 4.3 percent year-on-year in September, the Central Statistics Agency said. The non-food inflation rate fall to 9.2 percent in October after a 10 percent rise in September.

The International Monetary Fund projected Ethiopia's inflation rate will remain in single digits over the next two fiscal years while the economy will grow by 7.5 percent annually in the same period.

Source: Reuters