Ethiopia’s inflation has been reduced to 13.6 percent from 29 percent last year, the country’s Ministry of Trade and Regional Integration (MoTRI) announced on Wednesday.
Abdulhakim Mulu, MoTRI’s state minister attributed the declining inflation to the government’s commitment to increasing agricultural mechanization and cluster farming productivity, improving work culture, designing various development initiatives, and facilitating supply.
“The government has made an effort to stabilize the cost of living, which has been challenging citizens in Ethiopia, inflation has been brought down to 13.6 percent, noting that this is very low compared to 29 percent last year,” Mulu said.
According to the state minister, the government collected $5.3 billion in revenue from exports, highlighting that the performance is significantly high compared to the same period last year and the target..
Mulu stated that the inflation was controlled by taking administrative and legal measures against individuals and organizations engaged in illegal trade and contraband business.
Ethiopia’s economy is projected to grow by more than 8.4 percent in the current 2024/2025 Ethiopian fiscal year, which began on July 8,.
The East African country’s economy grew by 8.1 percent last fiscal year, with its domestic product (GDP) growth being far higher than the average growth rate in sub-Saharan Africa.
The agriculture sector contributed significantly to the overall economic expansion and the inflation rate declined to 13.6 percent from 29 percent in the previous fiscal year.
MG/as/APA