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Ethiopian Gov’t Claims Inflation Drops Nearly By 10 Percent Within A Year 

Ethiopia has been struggling with hyperinflation. (Photo : QZ/AFP)

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Toronto – The Ethiopian government is making claims that inflation in the country has dropped by nearly 10 percent within a year. The change is depicted as an outcome of targeted effort. 

The National Bank of Ethiopia on Monday said : 

“Inflation has fallen to 19.9% in June 2024 (year-on-year basis), compared to an inflation rate of 29.3% this time last year. This decline is just in line with the inflation target set by National Bank of Ethiopia in its Strategy Plan a year ago and shows the progress of the monetary policy stance adopted during the past year and other supporting supply side measures that increased output.”

Ethiopian Statistical Service has not released a statement about it at this writing. 

The National Bank of Ethiopia recently introduced measures including major policy changes to regulate the banking sector by adopting “International best practices” in banking business operations focusing on five main changes (here).  

The National Bank also announced changes to the prices of gold in an apparent move to enhance its gold deposit. The story is available here. 

The Ethiopian government has been struggling with soaring inflation. Millions of employed Ethiopians were reportedly unable to meet their families basic needs with the money they earn. 

In January 2024, Ethiopian Central Statistical Agency reported the December 2023 inflation rate to be 28.3 percent. 

Currently, US$1 is fetching about 57.7 Ethiopian birr in official exchange rate. In the black market, it is about 120 Ethiopian birr.

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