Ethiopia Double Digit Inflation Hits 34% in June 2022 – Among the Highest in Africa

Ethiopia's inflation rate remains among the highest on the continent with the country facing internal strife since November 2020.

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Monthly inflation in Ethiopia dropped in June for the first time, recording 34%, according to data sourced from the country’s statistics agency.

Below is a breakdown of inflation in Ethiopia in 2022 so far:

  • January – 34.5%
  • February – 33.6%
  • March – 34.7%
  • April – 36.6%
  • May – 37.7%
  • June – 34%

The chart above is based on data provided by the Ethiopian Central Statistics Agency.

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According to the government agency, food prices rose by 38.1% in June 2022, compared to 43.9% in the previous month, while non-food inflation remained at 28.4%.

However, further reporting from Bloomberg indicates consumer-price growth remains near the highest level in at least 9 & 1/2 years and inflationary pressures may pick up further after the government said it plans to halt fuel subsidies while also announcing a 38% increase in the cost of diesel in July 2022.

Ethiopia’s inflation rate remains among the highest on the continent with the country facing internal strife since November 2020.

Like the rest of the continent, Ethiopia’s economy is reeling from the impact of the coronavirus pandemic and Russia’s invasion of Ukraine which are said to have added to price risks, with a shortage in foreign currency needed to import fuel and fertilizer weighing on the Ethiopian Birr.

The slow in inflation comes on the back of Egypt’s June 2022 numbers, where monthly inflation declined slightly for the first time in 7 months to 13.2% in June 2022.

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RECOMMENDED READING: Egypt’s Double Digit Inflation Hits 14.7% in June 2022 – a 0.2% Drop in 7 Months

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