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Inflation in Ethiopia in November. Compared to October, it increased by 3.4 percent.

 

The monthly survey report released by the Ethiopian Statistical Service today, Wednesday, December 5; It indicated that the overall inflation rate for the month of November reached 35.1 percent.

 

The Ethiopian Statistical Service, which is tasked with "collecting official statistics of Ethiopia on a consistent and targeted schedule"; It conducts monthly retail price survey in 119 selected market places in all states.

 

According to the information collected by the office; The increase in inflation that started to appear in October continued last month.

The inflation has been showing a decrease until September after reaching a high of 37.2 percent in May last year.

Last October, on the other hand, the inflation rate increased by one percent and was recorded as 31.7 percent.

 

The report explained that the main reason for the higher inflation in November was "the increase in the prices of the food and non-food components of the index".

 

Cereals, pulses, edible oils and fats, meat and milk are among the food commodities whose prices have increased. The list of non-food items includes clothing and footwear, home maintenance items, fuel, khat and electronic items.

 

Although food inflation increased by 3.6 percent in November; According to the report, vegetables like onion, tomato, pepper and potato have shown a decrease. Coffee and soft drinks also showed a slight decrease in the report.

 

Inflation in Ethiopia has been showing a continuous increase in the last four years. Finance Minister Ahmed Shide said in May last year when he appeared before the House of Representatives that the federal government plans to reduce inflation to 11.9 percent in the current fiscal year.

 

The minister in his speech; He informed the parliamentarians that it is not possible to bring down the inflation to single digits in the current fiscal year.

The Governor of the National Bank of Ethiopia, Dr. Ynager Dese, expressed the same idea when he submitted a report to the Standing Committee of the Parliament last week.

 

When asked what kind of work the National Bank is doing to bring down inflation to single digits, Dr. Ya Nagar said; “As a plan, we plan to bring [inflation] down to single digits, but in the current situation, bring it down there; "I don't believe it will be possible in six months until next June," said members of the Standing Committee on Planning, Budget and Finance.

 

The governor of the National Bank cited a "supply crunch" as the main reason for the inflation. Although the institution headed by him is trying to solve the problems through the supply of money; Dr. Ye Nagar explained in his explanation that price reduction can be seen when it is coordinated with the measures taken by other institutions.

 

According to Ethiopian Insider's report, "In order to reduce inflation, all institutions, ministries, and regions related to production and productivity should be sacked."

 

 

Ethio FM 107.8 Ethiopian

 

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