Due to concerns about the high cost of basic food, the Addis Ababa Trade and Industry Bureau, has begun selling teff through consumer’s association shops in every sub city of Addis Ababa.
The bureau applied and was permitted to sell 100,000 quintals from the Ethiopian Grain Trade Enterprise after finding that hoarding had been taking place at some private stores.
Currently the associations sell subsidized sugar and palm oil and other non-subsidized products purchased from regional unions.
The price of teff has been skyrocketing recently but the consumer association is selling with a minimum price. One quintal of sergregna teff sells for 2,250 birr while red teff sells for 1,900. The association also sells maize and other cereals at a discount though not in massive volumes like teff.
Kasahun Aberra, Trade Regulation and Inspection Head told Capital that the goal of selling the 100,000 quintals of teff is to lower the exaggerated price on the market.
“As a trade bureau we are responsible for creating a normal market environment, we are selling teff at a lower price and there has been a positive impact as the price has gone down,” Kasahun said.
“We want to clarify that this will not be a regular thing, we bought the teff to stabilize the market, it is cooperative agencies that will normally handle this,” he added.
Over the past seven weeks prices of meat, milk, Teff, onion, potatoes and tomatoes have increased dramatically.
A half liter of milk previously sold for 14 birr a few weeks ago jumped to 20 birr. Teff prices have skyrocketed to 4,000 birr per quintal from 2,600 birr before Easter.
Currently the Bureau and the Trade Practices and Consumer Protection Authority have formed a committee to investigate the surprising price rise in basic consumer goods.