Ethiopia: National Bank Reports Inflation Rate Drop to 19.9% in June 2024

8 July 2024
Addis Standard (Addis Ababa)

Addis Abeba — The National Bank of Ethiopia (NBE) has reported that the country's inflation rate has decreased to 19.9% in June 2024, down from 29.3% in the same period last year. According to the NBE, this represents a 9.4 percentage point reduction year-on-year.

The NBE, citing data from the Central Statistics Agency of Ethiopia, reports a decrease in both food and non-food inflation. Non-food inflation fell from 31.4% to 15.3%, while food inflation reduced from 28.0% to 22.7%. The NBE also reported a month-on-month inflation rate of 0.9% for June 2024, which it interprets as indicating price level stabilization over the past quarter.

NBE attributes the inflation decline to monetary policy measures and supply-side initiatives implemented during the past year. The bank states that the current rate is in line with inflation targets set in its previous year's strategy plan.

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