July 19, 2024

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National Bank of Ethiopia

National Bank of Ethiopia Announces Drop in Inflation

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The National Bank of Ethiopia has announced that the country’s inflation rate for the month of June has dropped to 19.9 percent. Inflation was 29.3 percent in the same month last year. The bank mentioned that the inflation of non-food items has decreased from 31.4 percent to 15.3 percent. The inflation of food items has also dropped from 28 percent to 22.7 percent in the same month last year.  The bank revealed that the decrease in inflation was due to the monetary policy measures taken by the government. The bank’s plan is to bring the country’s inflation below 10 percent by June next year.

The National Bank of Ethiopia in a statement yesterday said, “Inflation has fallen to 19.9% in June 2024 (year-on-year basis), compared to an inflation rate of 29.3% this time last year. This decline is just in line with the inflation target set by NBE in its Strategy Plan a year ago and shows the progress of the monetary policy stance adopted during the past year and other supporting supply side measures that increased output.”

Earlier in May NBE announced 30% decline in inflation. It said, “compared to a year ago, overall inflation is now down by 10 percentage points (from 33.5% to 23.3%) which is over 30% decrease. While non food inflation– which is more closely linked to NBE’s monetary policy measures– down by 18 percentage points (from 36.1% to 18%)”.

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