Ethiopia’s Inflation Eases to 14.9% in September, NBE Reports

Addis Ababa, November 3, 2026 (FMC) — Ethiopia’s annual inflation declined to 14.9 percent in September 2026, down from 15.1 percent in June, although inflationary pressures remain elevated, the National Bank of Ethiopia (NBE) has announced.

In a press release following its eighth Monetary Policy Committee meeting, the Bank said food inflation eased slightly to 14.8 percent, while non-food inflation increased to 15.1 percent from 12.2 percent in June.

The Committee noted that Ethiopia’s economy continues to register strong growth momentum in the first quarter of the 2026/27 fiscal year, supported by improvements in electricity generation, industrial production, tourism, exports and banking activity.

Broad money grew by 40.2 percent year-on-year, while commercial bank deposits increased by 85.4 percent and outstanding credit rose by 42.6 percent compared with the same quarter last fiscal year.

The Bank also reported improvements in the external sector, with increased exports of gold and coffee, alongside growth in private transfers and capital inflows.

However, it cautioned that global geopolitical tensions, energy price pressures and supply disruptions continue to pose risks to inflation and economic growth.

The Committee projected that headline inflation would gradually decline over the coming six months but remain in double digits.