Ethiopia’s inflation quickens to 7.4 pct in March

by ocean

ADDIS ABABA (Reuters) – Ethiopia’s year-on-year inflation rate rose to 7.4 percent in March from a revised 7.1 percent in February due to higher food, fuel and construction material prices, official data showed on Thursday.

“In the recent months, except for cereals, all the other food components have shown a rise in their indices,” the Central Statistical Agency said in a statement.

It said the prices of fuel, construction materials, clothing and footwear, furniture and personal care effects were on the rise.

Inflation in the Horn of Africa nation surged to 64.2 percent in July 2008, driven by record high food and fuel prices, before a period of falling prices from July to October last year after the government halted state borrowing and increased bank reserves to drive down the rate.

Source: Reuters

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