Sat. May 21st, 2022

Ethiopia’s inflation rate quickened to 8.5 percent in the year to October from 6.9 percent a month earlier, driven by higher food prices, official data showed on Thursday.

Food prices rose 7.8 percent over the 12-month period compared with 4.3 percent year-on-year in September, the Central Statistics Agency said. The non-food inflation rate dipped to 9.2 percent in October from 10 percent in September.

The International Monetary Fund forecasts inflation in the Horn of Africa country will remain in single digits over the next two fiscal years while the economy of Africa’s second most populous nation will grow 7.5 percent annually in that period.


By Rasaas