Monday, June 10, 2013

Ethiopian inflation edges up to 6.3 % on year to May

The future looks bright for the Ethiopian Birr with an expected 10 percent economic growth this fiscal.(SABC)
Consumer prices in Ethiopia rose 1 percent in May, pushing the year-on-year rate to 6.3 percent from 6.1 percent a month earlier, the Central Statistics Agency said on Friday.
  
Food prices drove the consumer price index higher, rising 3.4 percent year-on-year in May against 1.6 percent in April. However, the rise in non-food prices slowed to 9.8 percent from 11.5 percent.
  
The IMF told Reuters last month it expected inflation in Africa's second most populous country to remain in single digits this fiscal year and next.
  
The Addis Ababa government expects improved agricultural output will accelerate economic growth to 10 percent this fiscal year - a much higher forecast than the 6.5 percent predicted by the IMF.
Source SABC