World Economic outlook - Ethiopia annual inflation rate January 2012 : Ethiopia’s annual inflation rate dropped to 32 percent in January as food-price increases slowed, the Central Statistics Agency said.
The inflation rate dropped from 35.9 percent in December, the Addis Ababa-based agency said in an e-mailed statement today. Annual food inflation was 41.4 percent from 46.7 percent in December, while non-food inflation slowed to 19.2 percent from 21.8 percent, it said.
Inflation is expected to drop to below 10 percent by July 7, the end of Ethiopia’s fiscal year, Prime Minister Meles Zenawi told lawmakers today in the city. Measures taken to control prices include ending loans from the central bank to the government, he said.
“We expect inflation to continue to trend lower in 2012, reaching single digits, after peaking at 41 percent year-on-year in August 2011,” Standard Chartered Plc, the London-based bank, said in an e-mailed research note on Feb. 6.
Inflation accelerated in 2011 because of domestic food- price increases, central bank advances to the government and a devaluation of the Ethiopian birr in September 2010, the bank said.
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