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Ethiopia Grapples with Soaring Inflation at 28.7%, Central Bank Struggles Amidst Ongoing Challenges 📈🇪🇹

Ethiopia Grapples with Soaring Inflation at 28.7%, Central Bank Struggles Amidst Ongoing Challenges 📈🇪🇹

#economy
#economics and country risk
Discover Ethiopia's economic turmoil as inflation hits a staggering 28.7%, posing formidable challenges for the National Bank of Ethiopia. Uncover the factors behind this surge, from internal conflicts to global commodity price spikes, as the nation strives to curb inflation below 20% by June 2024.

Ethiopia faces a severe economic crisis with inflation soaring to 28.7%, marking it as one of the most pressing macroeconomic issues. The National Bank of Ethiopia (NBE) acknowledges the prolonged struggle, exacerbated by internal conflicts and global commodity price hikes. Food prices, constituting over half of the consumer price index, grew to 30.6%, primarily linked to the Tigray war and the impact of drought. The NBE aims to curb inflation below 20% by June 2024 and under 10% by June 2025, implementing measures like managing lending and reducing direct financial support to the government. The Ethiopian birr's performance further adds complexity, losing 4.8% value in December 2023. 🌍💰 


#EconomicCrisis #InflationChallenge #EthiopiaEconomy


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