2merkato

The Ethiopian statistics agency announced on Friday that the annual inflation rate fell to 39.8% in October. This is a decrease from the 40.1% inflation recorded last month according to the statement by the agency.

Food prices, however still increased this month largely due to the price of cereals according to the Statistics Agency. The total price index of cereals has seen an increase of 63.1% in comparison to the same month last year explained the agency.

The year on year inflation rate in Ethiopia has dropped to 12.9 percent, according to data revealed by the Central Statistics Agency. The data showed that this was the lowest the inflation rate had been in the last year.

The year on year inflation rate fell from 15.6 percent in November, following a trend downwards from the 36.3 percent peak in February noted the statistics agency.

Food price inflation fell from 13.4 percent in November to 11.8 percent year-on-year in December while non-food inflation dropped  from 19.4 percent to 14.6 percent.

The annual inflation rate in Ethiopia remained at 20% in July according to data revealed this week. Month-on-month prices remained unchanged for the third consecutive month revealed the data.

The pace of increase in food prices, however, has marginally slowed down showed the data. Food inflation decreased to 20.7% from 21.5% and non food inflation fell to 19.8% from 19%.

The year on year inflation rates showed signs of alleviating from 20.9% in June noted the Central Statistics office.

Eyesuswork Zafu has retired from his 17 year tenure as Chief executive Officer of United Insurance. The CEO hass been seeking retirement for the last three years. 

The shareholders and the board of the insurance have decided the former CEO will continue on with the company in the capacity of an advisor.

Ethiopian insurance companies have collected combined gross premiums of 4.5 billion Ethiopian birr from general insurance, in the 2012/13 fiscal year, Fortune reported citing unaudited aggregated report of the National Bank of Ethiopia.

The amount showed a 17.7 percent growth from the 2011/12 aggregate performance.