Tuesday, May 10, 2011

Food prices push Ethiopia inflation to nearly 30 pct

Ethiopia's year-on-year inflation rate rose for a second straight month to 29.5 percent in April, from 25.0 percent a month earlier, driven by a sharp rise in food prices, the statistics agency said on Tuesday."The total price index of cereals in April 2011 has increased by 14.6 percent as compared to the same month last year, which significantly contributed to the rise in the indices of food and the general consumer price index," the Central Statistical Agency said in a statement. Ethiopia has imposed price ceilings on more than a dozen commodities including some essential foodstuffs. Food accounts for just over 57 percent of the basket used to measure the inflation rate. Government officials have accused traders of artificially inflating food prices on the back of higher global prices and a September devaluation of the birr currency ETB=.Ethiopia is grappling with rising inflation like other countries in Africa, including Uganda where spiralling food and fuel prices have led to protests. Source (Reuters)

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