The Addis Ababa City Trade Bureau sanctioned 387 sellers it says leveraged macroeconomic reforms, including easing of exchange controls and depreciation, to unjustifiably jack up prices.
The Addis Ababa City Trade Bureau (AATB) announced on Thursday measures were being imposed after meeting with sub-city trade administrators to discuss current issues, according to a statement. Â
Bureau chief Binyam Mikru accused traders of opportunistically raising prices without transparency by not posting clearly visible price lists, taking advantage of possible consumer hardships during transition to flexible exchange rate regime.
"Stronger steps will be taken if unjustified or poorly timed price rises persist,"Binyam warned.
Ethiopia's inflation-hit economy has been strained by foreign currency shortages this year, squeezing household budgets. Challenges increased after the government floated the birr last week, sparking a sharp 30 percent depreciation.
The AATB gave no specifics on the traders sanctions but said license revocation was possible for breaching pricing guidelines. Transparency enforcement aims to shield shoppers during economic turbulence.