Consumers enjoy stable market in celebration of Ethiopian New Year

Chickens are seen at a market ahead of the Ethiopian New Year in Addis Ababa, capital of Ethiopia, on Sept. 10, 2024. (Xinhua/Michael Tewelde)

ADDIS ABABA, Sept. 11 (Xinhua) -- Holiday shoppers in Addis Ababa, the capital of Ethiopia, said they had witnessed stable holiday market prices amid a high supply of festive products ahead of the Ethiopian New Year celebrations.

The Ethiopian New Year falls on Sept. 11 this year, and it is celebrated with a series of events, including the slaughter of chickens, sheep, goats, or oxen, depending on the financial capability of a household.

Elias Hailu, a father of four, said the holiday market is doing well, which is marked by a high supply of chickens and moderate prices.

"When I compare this New Year holiday market with previous ones, I witnessed fair prices during this year's holiday market regardless of the recent increase in the exchange rate of U.S. dollars," said Hailu, 55, who bought a big-sized Habesha Doro, the Ethiopian chicken, for 1,100 Ethiopian birr (about 9.60 U.S. dollars) at Shola chicken market.

He said chicken was sold at a lower price during the eve of this Ethiopian New Year holiday compared to previous holidays. Habesha Doro Wot, a chicken stew, is one of Ethiopia's most popular national dishes.

Dereje Jebessa, a banker at the Commercial Bank of Ethiopia, said holiday items, including sheep and goats, are being sold at moderate prices except for onions, a key ingredient for a Doro Wot. Unlike previous holidays, the price of onions rose significantly, with a kg of onions being sold at 150 Ethiopian birr.

"The holiday market is doing well, and it is not terrifying but moderate against people's expectation that followed the falling of Ethiopian birr against U.S. dollars after the government relaxed currency restrictions," said Jebessa in an interview with Xinhua while shopping at a local sheep and goat trading center.

Sales of livestock are usually subject to seasonal variations. According to traders, the prices are based on the type, size, and origin of the animals.

"Like previous holidays, the price of a big-sized sheep was sold at about 15,500 birr, while an average-sized sheep was about 9,000 birr, and a small one was sold for 7,000 birr. The holiday market has proved not fearsome," Jebessa added.

Unfavorable to chicken traders like Belaynesh Endeshaw, this New Year holiday market has not treated her so well as there was a high supply of chickens at market centers in Addis Ababa.

Endeshaw, who runs a poultry farm about 80 km north of Addis Ababa, said she is selling her chickens at a reduced price, even less than their buying costs. She attributed her loss to the high supply of chickens and the high cost of their feed.

"We want the government to consider supplying cheaper chicken feed," said Endeshaw, noting that the price of chicken feed has seen an increase after the government adopted a market-based foreign exchange system in July.

Some Ethiopians viewed the government's decision to switch to a market-based foreign exchange system with uneasiness, fearing that it will lead to a sharp rise in the cost of living at a time when inflation is already high. The country has also been struggling with chronic foreign currency shortages, particularly in recent years.

Local and federal authorities have been trying to ease inflationary pressures through administrative actions, including the introduction of a temporary price cap for food items and the supply of festive foods such as chickens and eggs during the holiday season.

People carry chickens at a market ahead of the Ethiopian New Year in Addis Ababa, capital of Ethiopia, on Sept. 10, 2024. (Xinhua/Michael Tewelde)