Ethiopia-Commodity Price Hike

2011-01-07 01:15:57 

Ethiopia fixes commodity prices to control hike.

APA-Addis Ababa (Ethiopia) Ethiopia on Thursday fixed prices for some commodities in order to control the ever increasing price hike in the country, which has affected a majority of the people.

Ethiopia also prepared a new trade proclamation to monitor the market.

Ethiopian Prime Minister Meles Zenawi held discussions with the business community on Thursday in Addis Ababa, urging all concerned bodies including the business community to implement the proclamation on trade practices on food and non-food items, which would enable them to stabilize the price hike in the country.

According to the new commodities price, the government urged traders to minimize the price of some commodities, which are essential to the majority of the people, especially for the poor.

Sugar, edible oil, banana and spaghetti are among the 18 food items whose prices were fixed by the government as from Thursday, which was the eve of the Ethiopian Christmas (Genna).

Some of the commodities had their prices reduced by 50 per cent and above, especially edible oil and sugar.

The government decided to interfere on the market to control inflation, according to the Ethiopian Trade ministry.

“The government has established strong control mechanisms to the prevailing unhealthy market competition. It also has desire to create a strong and well-developed business community and this is expected from a free market principle,” PM Meles said.