News: Gov’t imports 50 million liters of cooking oil, 200,000 quintals of sugar to tame surging prices ahead of Ethiopian New Year
Kassahun Gofe, Ethiopia’s State Minister for Trade, announced on August 26, 2024, that cooking oil is being transported via the Ethio-Djibouti Railway and trucks to stabilize prices ahead of the Ethiopian New Year. Recent macroeconomic reforms have led to price hikes in Addis Ababa, prompting government action against price gouging. Cooking oil and sugar prices have notably surged, with sugar imports expected soon.
In a briefing on 26 August, 2024, 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.
According to Kassahun, this essential commodity has been primarily procured by the government 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.
This price inflation has prompted authorities to take action against businesses accused of engaging in price gouging and hoarding practices.
A survey conducted by Addis Standard across various markets in Addis Abeba revealed a significant increase in prices for certain products, especially imported goods and essential domestic commodities such as oil, sugar, and onions.
A trader operating at the city’s prominent market, Merkato, who requested anonymity, reported a substantial price hike for cooking oil. A five-liter container of cooking oil, previously priced at 900 birr, is now being sold for as much as 1,200 birr.
Another resident of Addis Abeba, located in the Shola market, who also preferred to remain anonymous, confirmed a similar trend in cooking oil prices. The price of cooking oil has increased from 1,000 birr to 1,500 birr.
Similarly, the price of sugar has risen from 100 birr per kilogram to 116 birr.
On 25 August, 2024, the Ethiopian Industrial Input Development Enterprise (EIIDE) announced the procurement of 200,000 quintals of sugar, which will be transported to the country within a week.
In an interview with state media, Yeshimebet Negash, CEO of the EIIDE, 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.
According to the CEO, the 200,000 quintals of sugar were purchased at a cost of 2.3 billion Birr. “The sugar will start entering the country next week,” she said.
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