Inflation rate continued to rise in Ethiopia. According to report by State media, Ethiopian Broadcasting Corporation, it rose to 7 percentage point from 6.1 percent.
The report also cited Central Statistics Agency to report that prices of food inflated increased by about 2.8 percent. Rate of inflation recorded last month was 5.0 percent. However, the added that inflation for items other than food dropped to 6.2 percent from 7.4 percent. Food prices, specially in cities like Addis Ababa, was already affordable to millions of people.
The country is also experiencing dire foreign currency reserve shortage in recent months with dwindling revenue from tourism and export trade following wide spread anti-government protest which led to the death of at least 1000 civilians in different parts of the country.
Ethiopia made headlines in major financial news papers in the West as a “double digit fast growing economy.” The government still claims that the economy is growing by about 7-8 percent per year. Ethiopia is also fast becoming one of the most corrupt countries in Africa.
With one of the highest poverty rates in the world, cost of living is already sky rocketing for millions of Ethiopians.
borkena, Ethiopia News
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