Ethiopia’s year-on-year inflation eased to 10.9 percent in November of the current fiscal year, down from 16.9 percent in the same month a year earlier, according to data from the Ethiopian Statistical Service (ESS).

The monthly Consumer Price Index (CPI) fell 1.4 percent, compared with a 0.8 percent decline in November 2024/25 FY. Food and non-alcoholic beverages rose 10.6 percent year-on-year, led by oils, meat, dairy products, fruit, and vegetables, while bread and cereals, the largest-weighted category, decreased 3.0 percent. Non-food inflation moderated to 11.4 percent, supported by slower increases in furnishings, restaurants, and housing-related services.

The National Bank of Ethiopia (NBE) has maintained a 15 percent policy rate and applied annual credit growth limits to manage liquidity. The central bank has stated that returning inflation to single digits remains a medium-term objective, in line with ongoing monetary and structural policy measures.

Twelve-month moving averages indicate continued moderation, with overall inflation at 13.8 percent, food at 12.8 percent, and non-food at 15.4 percent.