The Ethiopian Ministry of Trade and Regional Integration has taken decisive action against businesses that have raised prices on essential consumer goods. They have revoked the licenses of 542 businesses and suspended their operations due to unjustified price hikes, while 324 others received warnings.
These price hikes follow the National Bank of Ethiopia’s recent adjustments to the exchange rate and other economic measures. As a result, prices for various food and non-food items have surged across markets in Addis Ababa, particularly in the large Merkato area. Some traders have closed their shops or limited their inventories, claiming that the price changes are to blame.
After the recent shift to a market-driven foreign exchange rate, in the Addis Ababa Mercato market, a significant price hike was observed, with some prices rising by as much as 400 birr. This increase primarily affects imported packaged foods, beverages, and various other goods.
The ministry aims to restrain profiteering and ensure that consumers can access necessities at affordable prices. The government is actively working to stabilize prices and supply chains affected by global disruptions and domestic economic challenges.
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