Ethiopia says annual inflation slows to 14.2%

[Pragmatic]

Fruits market in Ethiopia's Capital Photo jascabaco
06/23/09



Ethiopia says annual inflation slows to 14.2%
nazret.com - Ethiopia has announced that the annual inflation rate for
May fell to 14.2% from 23.4% percent recorded in April. In July 2008, Ethiopia's inflation reached a record high of 64.2 percent largely driven by the high price of fuel and food.

Ethiopia Prime Minister has said the government's halt on borrowing and an increase in bank reserves helped control the inflation, Reuters reported. Ethiopian government has also instructed private banks in the country to restrict borrowing to fight inflation. The government hopes to reduce inflation to single digit by September.

Ethiopia's foreign exchange earnings from the export of coffee and
horticulture have fallen due to the global crisis which dampened demand.

Last week the government announced that oil seed exports overtook coffee as Ethiopia's biggest foreign exchange earner in the 11 months to May. Ethiopia is Africa's biggest coffee exporter and the world's fourth largest exporter of sesame seeds.

Black Gold : A Film About Coffee And Trade
http://www.youtube.com/watch?v=E8r4Fut8cvM"][COLOR=#999999]http://www.youtube.com/watch?v=E8r4Fut8cvM[/COLO

Peace be upon you

That's another win!
EthioBlog - Ethiopia says annual inflation slows to 14.2%