ETHIOPIA – The Ethiopian Industrial Input Development Enterprise (EIIDE) has procured 200,000 quintals of sugar, which will be transported to the country within a week to “improve the cost of living and stabilize market prices for the upcoming Ethiopian New Year.”
Following the recent implementation of comprehensive macroeconomic reforms by the government, the nation, particularly the capital city of Addis Abeba, has experienced a noticeable surge in consumer prices.
Yeshimebet Negash, CEO of the EIIDE, who spoke in one of nation’s media agency stated that following the recent implementation of macroeconomic reforms, the enterprise is aligning its efforts with the government’s directives to prevent artificial shortages of consumer goods.
A survey across various markets in Addis Abeba has revealed a significant increase in prices for certain products, especially imported goods and essential domestic commodities such as oil, sugar, and onions.
The price of sugar has risen from 100 birr per kilogram to 116 birr while a five-liter container of cooking oil, previously priced at 900 birr, is now being sold for as much as 1,200 birr.
According to the CEO Negash, the 200,000 quintals of sugar were purchased at a cost of 2.3 billion Birr.
To also address the rising prices of cooking oil observed in various markets across Ethiopia, the government has announced the importation of 50 million liters of edible oil.
Kassahun Gofe, State Minister for Trade and Regional Integration, stated that the cooking oil is being transported via the Ethio-Djibouti Railway and by trucks.
The price inflation has prompted authorities to take action against businesses accused of engaging in price gouging and hoarding practices.
The Addis Abeba Trade Bureau, reported that over the past week, more than 2000 businesses have been shut down, and 87 traders have been brought to justice for imposing unwarranted price hikes and hoarding goods under the guise of foreign currency management regulations.
Last week, officials of the Gulele Sub-city administration in the capital Addis Ababa said they have “distributed 800,000 liters of confiscated edible oil” to 10 consumer cooperatives in the city.
The edible oil was “confiscated from traders attempting to hoard it and create an artificial shortage,” and was released to the cooperatives to “ensure that essential goods remain accessible and affordable to consumers, particularly in light of ongoing economic challenges.”
According to Andualem Kibret, the head of the Gulele Sub-city commercial office, the edible oil was being hoarded by the traders as part of a scheme to manipulate the market.
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