December 13, 2010 / 1:18 PM / 9 years ago

UPDATE 1-Ethiopia annual inflation eases to 10.2 pct in Nov

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ADDIS ABABA, Dec 13 (Reuters) - Ethiopia’s annual inflation rate slowed to 10.2 percent last month from 10.6 percent in October as prices of non-food items fell, the statistics office said on Monday.

The Central Statistics Agency (CSA) said non-food inflation fell to 16.7 percent last month from 18.7 percent the month before. The food price index increased to 5.8 percent from 5.4 percent previously, the agency added.

“In recent months, except for cereals, almost all the other food components have shown a rise in their indices. The index of pulses, oils, fats, milks and eggs has relatively shown a rising trend,” the agency said in a statement.

After soaring in 2008 and 2009, the rate of inflation plummeted from July 2009 to October 2009 after the government stopped state borrowing and increased bank reserves.

The Horn of Africa nation devalued the birr currency ETB= by 16.7 percent in September and targets annual inflation of 6 percent over the next five years.

Analysts say there is a risk inflation will continue to rise after the devaluation. (Reporting by Aaron Maasho; Editing by Hugh Lawson)

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