Galloping Inflation Hits Spot in Five-Year

Galloping Inflation Hits Spot in Five-Year

(addisfortune)—-Headline inflation, a measure of cost of living through consumer price index, hits a five-year record high rate, reaching 17.9pc last month, according to the Central Statistical Agency (CSA).

August’s inflation rate showed a 2.5 percentage point spike from the preceding month. The increase was mainly driven by a surge in food inflation, which rose by three percentage points, hitting 23pc. Non-food inflation has also gone up by two percentage points to 12pc. The last highest inflation rate was registered in 2014, reaching as high as 22.2pc.

The Agency attributed the surge in prices of onion and garlic contributed to last month’s rise in inflation.

“Increases in prices of the major cereal especially of teff, barley, sorghum and maize has continued unabated,” reads the report from the Agency.

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