July 6, 2017 - The Ethiopian Central Statistics Agency (CSA) reported that food inflation slowed to 11.2 percent in June from 12.3 percent in the previous month, reports Reuters. The authority has attributed the slowdown to the decline the prices of vegetables, pulses, potatoes and other tubers. Nevertheless, the price of fruit has increased in June when compared to May.
According to the report by CSA, food inflation slowed to 11.2 percent in June from 12.3 percent. Non-food inflation, on the other hand, has increase from 4.7 percent in May to 6.7 percent in June. This was attributed to the rise in the prices of clothing and footwear as well as household items and furniture. Despite the slowdown of food inflation, CSA also disclosed that the nation’s headline inflation grew to 8.8 in June, up 8.7 from May.
In Ethiopia, the highest rate of inflation was recorded in July 2008 at 64.2pc. This was induced by a huge cash injection by the state. The following year, conversely, it hit the record low of 4.1pc below zero inflation.
Measuring inflation has remained a difficult problem for government statisticians, according to experts. To measure inflation, a number of goods that are representative of the economy are put together into what is referred to as a "market basket." The cost of this basket is then compared over time. This results in a price index, which is the cost of the market basket today as a percentage of the cost of that identical basket in the starting year.
Source: Reuters
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