The Addis Ababa City Trade Bureau has taken action against traders who raised cement prices. Reportedly, the traders raised the cement prices by 500 birr per bag. Following recent economic updates, some traders have increased prices on both food and non-food items while hoarding their stock.
Last week, the Ministry of Trade and Continuity of Ethiopia announced the shutting down of 885 businesses for inappropriate price increases. Fifteen cement companies and seven steel businesses illegally raised prices on construction materials and have been shut down in Ethiopia.
Recently, the bureau penalized 70 traders in the building materials sector. Sownet Ayele, a representative from the Addis Ababa City Administration Commercial Bureau, reported that these traders faced consequences for their price hikes. Some traders expressed regret and returned to their previous pricing.
Retailers argue that increases from factories and wholesalers force them to raise prices, but the Ministry of Trade and Regional Relations confirmed that manufacturers have not raised their prices.
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