Africa's second most populous country is reeling from skyrocketing inflationAddis Ababa (AFP) – "Everything is increasing except our wages," Ethiopian porter Zerihun told AFP, summing up the financial crisis facing the Horn of Africa nation as it reels from skyrocketing inflation and an economic slowdown. Annual average inflation is expected to hit 30 percent in 2022 (compared to 26 percent last year), driven by an increase in food costs. But regulars say business has taken a sharp hit this year as inflation dampens customer appetite for spending. It also scared away investors and foreign partners, contributing to a shortage of foreign currency in an importing nation. But Ethiopia's economy hit roadblocks before the war began in November 2020, with the Covid-19 pandemic triggering a sharp slowdown.

Source: Ethiopian News December 11, 2022 03:16 UTC