2merkato

The Ethiopian year-on-year inflation rate for November lowered to 39.2% from 39.8% in October according to official data released this week.

Consumer prices fell by 0.3% as compared to October, showing a decrease for the first time in nine months. Inflation for food items lowered from 51.7% in October to 50.3% in November.

Price pressure particular eased for items such as fruits and vegetables, spices, pulses, sorghum, maize explained the statement from the Central Statistics Agency. 

The Ethiopian Sugar Corporation is to import 300,000 quintals of sugar beginning in February. It is estimated that sugar imports, mainly from Brazil and India, will cost Ethiopia 555 million birr including warehouse rental and transportation.

The sugar will be imported at a cost of 1,850 birr for the quintal and is expected to retail for 1,264.40 per quintal on the Ethiopian market supported by government subsides.  The sugar will be sold by consumers’ cooperative unions and the Merchandise Wholesale and Import Trade Enterprise.

Nyala Insurance registered 10,000 vehicles for mandatory third party insurance policies. The insurer has equipped one of its branches to facilitate third party insurance coverage.   

The insurance company has trained personnel to handle third party registration process at additional cost said Eyob Meherette CEO of Nyala Insurance. The Insurers specialized set up is to be found at its Africa Avenue Branch and is expected to speed up the registration process he explained.

The export earnings of Ethiopia, for the month of October, were short of the targets set by the Ministry of Trade it was said. The Ministry of Trade of had set an export target of 300 million US dollars while export earnings totaled 200 million US dollars.

The export earnings for livestock, coffee, beverages, Khat, flowers, spices, wax, leather and leather products amongst others were 50-99% of targets. The export earnings for the month of October are also slightly less than the same time last year.

Export earnings were below target because the export of some products such as unfinished leather was halted said Abdurahman Seid Public Relations Deputy Coordinator of the MoT.