The prices have been removed from a small hotel’s menu in a suburb of Ethiopia’s capital.
This is not an error, according to the waiters. Businesses in Addis Ababa are struggling with inflation following the government’s flexible exchange rate policy.
Since the policy’s introduction, the Ethiopian birr has dropped by 60% against the dollar, causing panic among consumers who are now paying more for basic goods.
Businesspeople have started hoarding due to the increased costs and economic uncertainty.
At the Samra Hotel in Bole, Addis Ababa, menu prices change constantly to reflect the market’s volatility.
“Prices used to be updated bimonthly, but now it’s daily or even hourly,” said Rahel Teshome, an employee at the hotel.
Supermarkets in Addis Ababa are hoarding products in warehouses, selling limited quantities to avoid penalties from city officials who are clamping down on hoarders.
Consumers buying in bulk face inflated prices and must select goods directly from warehouses.
In Merkato, the capital’s largest market, guards prevent businesses from raising prices.
Recently, police seized 800,000 liters of hoarded edible oil, which they distributed at old prices.
Over 3,000 shops accused of hoarding have been closed nationwide, as authorities continue their crackdown.