The National Bank of Ethiopia (NBE) has announced that the country’s inflation rate fell to 19.9% in June 2024, a significant decrease from 29.3% during the same period last year. This marks a 9.4 percentage point reduction year-on-year.
According to the NBE, non-food inflation decreased from 31.4% to 15.3%, while food inflation dropped from 28.0% to 22.7%. Additionally, the central bank reported a month-on-month inflation rate of 0.9% for June 2024, indicating price level stabilization over the past quarter.
The NBE credits the decline in inflation to monetary policy measures and supply-side initiatives implemented over the past year. The bank also noted that the current rate aligns with the inflation targets set in its previous year’s strategic plan.
Source: NBE
