Saturday, June 15, 2024

General inflation up 33% from last year


The November general year on year inflation rate hits 33 percent as the month-on-month food inflation rate for the same month decreased by 1.8 percentage point compared to the preceding month of October 2021.
During a similar period, the non-food inflation rate increased by 1.0 percent. Historical long-term seasonal inflation trend shows that food prices during the next 3-months of harvest period is expected to decline.
The country level overall inflation rate rose by 25.5 percent in November 2021 as compared to a similar period a year ago. Food inflation increased by 30.1 percent as compared last year same period, Non-food inflation rate increased by 19.4 percent in November 2021 as compared to the one observed in November 2020.
In comparison to last month’s country level general inflation, November 2021 has showed a decline of 0.6 percentage points while the food inflation declined by 1.7 percent as compared to the preceding month of October 2021. During the same period, non-food inflation showed 1.0 percent increase.
Last month, the general inflation rate recorded was 34.2 percent while the food inflation was 40.7 percent with non-food inflation being 25.3 percent in October 2021.
As the report said, the November 2021 General year-on-year inflation has increased by 33.0 percent as compared to the one observed in November 2020. The year-on-year food inflation has increased by 38.9 percent in November 2021 as compared to the one observed in November 2020.
In the current month as the report shows; cereals, vegetables and pulses showed a decline in most case, rice, teff, wheat, barely, maize and sorghum showed a decline in their prices. Meat, milk, cheese and eggs, and spices (mainly salt and pepper), cooking oil and butter prices slightly declined in the current month.
Besides as the report indicates, coffee beans and non-alcoholic beverages prices have also increased during the current month.
The Non-Food inflation showed an increase which stood at 25.2 percent in November 2021 as compared to the one observed in November 2020. The rise in non-food Inflation was mainly due to rise in the prices of alcohol and tobacco, stimulants (chat), clothing and footwear, housing repair and maintenance (house rent, cement and corrugated iron sheets), and energy (firewood and charcoal), furniture and home furnishings, medical care and jewelry (gold).
In November, region wise, Addis Ababa city, Amhara, Oromia and SNNP showed a declining price situation than the other regions.
This increase in the General Consumer Price Index is attributed to the rise observed in the indices of Food and Non-alcoholic beverages 38.9 percent, Alcoholic Beverages and Tobacco by 29.5 percent, Clothing and Footwear by 25.5 percent, House Rent, Construction Materials, Water and Fuel and Power by 18.5 percent, Furniture, Furnishings, Household Equipment and Operation by 42.8 percent, Health 50.9 percent, Transport 23.3 percent, communication by 16.0 percent, Recreation and Culture by 44.1 percent, Education by 27.1 percent, Restaurant and Hotels 24.0 percent and Miscellaneous Goods by 24.6 percent.
As the agency report indicates, most of the components of Food index showed increase as compared to similar month last year. Bread and Cereals , Meat (27.5 percent), Fish and Seafood by (28.2 percent), Milk, Cheese and Eggs (30.9 percent), Oil and Fats (85.0 percent), Fruits by (39.6 percent), Vegetables and Pulses, Potatoes and Tubers by (26.5 percent), Sugar, Honey and Chocolate declined by (22.4 percent), Other Food Products and spices by (37.2 percent) and Non-Alcoholic beverages and Coffee by 45.8 percent.

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