Ethiopia Purchases 5mln Quintals of Wheat to Tame Food Inflation

ADDIS ABABA – The government of Ethiopia has purchased about 5 million quintals of wheat as well as 12.5 million liters of cooking oil, announced the Ministry of Finance on Tuesday.

The purchase was made in the past two months as authorities move to stabilize the increased food inflation in the East African nation.

From the total wheat purchased, more than 1.05 million quintals have already imported into the country, reported the ministry.

The ministry said the government is working on bringing in the remaining amount to the country as soon as possible.

Apart from wheat, the Finance ministry said the government has finalized the purchase of 12.5 million liters of edible oil.

The government is currently in the process of transporting the oil to the country, the ministry said, adding the government’s recent moves are having a positive impact on food prices.

The food prices of the two items have been stabilized, said the ministry owing it to the latest purchases as well as its decision to allow Franco Valuta privileges to traders and import wheat and edible oil.

According to reports, headline inflation, which was standing at 34.2 percent in October, slightly declined to 33.0 percent in November 2021.

In the same period, the food inflation has also reduced by 1.8 percent.

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