Ethiopian Government Employs Meticulous Approaches to Check Soaring Inflation

February 20, 2022

ADDIS ABABA – The Ministry of Trade and Regional Integration (MoTRI) said meticulous mechanisms have been put in place that would stabilize the soaring inflation thereby easing the challenge the price hikes have posed on the public’s wellbeing.

MoTRI State Minister Hassan Mohammed told local media that the COVID-19 pandemic has significantly distributed production and trekked the price of commodities in global markets in general and in Ethiopia in particular. Last year at this period, the price of sugar per metric ton was 350 USD and now it has increased to 550 USD in the world market. In addition to the COVID-19 influence, domestic factors including illegal brokers, improper tax imposed on goods and commodities and the instability in parts of the country have also contributed to the steady rise of prices for goods and services in Ethiopia. Noting the government has been undertaking different measures to address inflation, Hassan indicated that it has set a policy to allow tax free importation of consumer goods. Big import-export enterprises have utilized.

the policy and have contributed greatly in stabilizing the market. The government has also allocated a substantial amount of foreign currency to the purchase of foodstuffs including wheat and edible oil.

The government also takes corrective measures on illegal brokers and illicit trading institutions. “We have been working day and night to get consumers and producers directly linked and cutting illegal brokers from the supply chain,” the state minister said.

BY TAMERU REGASA

The Ethiopian Herald  20 February  2022