Hormuz Strait closure impacts Ethiopia
The disruptions in the Gulf region, particularly the closure of the Strait of Hormuz, are impacting Ethiopian markets by increasing import costs and causing shortages of goods. This has led to rising prices and a decline in consumers' purchasing power. The increase in fuel and transportation costs by approximately 10 to 20% has raised the expenses for imported goods, especially herbs and spices from Iran and India. Additionally, the delivery of supplies has become slower, affecting the availability of goods and consumer confidence. As a result, local markets are suffering, especially for low-income households, and the stability of large companies is at risk. Meanwhile, families are increasingly struggling, often having to buy smaller quantities and seek cheaper alternatives.
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