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Inflation in Ethiopia Fell to 29.8% in April

The year on year inflation rate in Ethiopia fell to 29.8% in April from 32.5% in March showing a decrease for the second straight month according to the Central Statistics Agency.

Year on year food prices also lowered to 36.7% from 40.9% in March while non-food inflation decreased to 19.6% from 20.4% the previous month said the agency.

The inflation rate month on month also decreased to 2.1% in April from 4.6% in March showed the statistics.

The inflation rate in Ethiopia is expected to decrease to less than 10% by November according to Ethiopian Prime Minister Meles Zenawi.

It is expected that the inflation rate will continue to decrease according to the trend seen in March and is projected to reach single digits by November said Meles.

The annual inflation rate in Ethiopia slowed to 32.5% in March from 35.3% in February according to the Central Statistics Agency.

Food prices rose by 40.9% in March as compared to the same time last year, which is lower than the 47.4% increase seen in February. Non food inflation also eased rising 20.4% year on year as compared to 21.5% the month before.

Consumer prices month on month rose by 4.6% in March from 2.7% the previous month according to the report from the agency.

It is to be remembered that the National Bank of Ethiopia has been engaged in efforts to stabilize the market and foreign currency exchange rate in the past seven months according to Teklewolde Atnafu, Governor of the bank.

Source: Reuters