We review the sources of the recent spike in Ethiopia’s inflation. To this end, we collected and tabulated the Central Statistical Authority’s monthly price data by detailed product lines (covering the 600-plus items that make up the inflation index) and by key analytical categories (food vs non-food, goods vs services and imported vs local items). In addition, we explore a range of possible explanatory factors—monetary developments, supply-side shocks, administratively-set price changes, global price pressures, exchange rate pass-through, wholesale/retail market structures, and public expectations—and offer our views on their relative significance in explaining Ethiopia’s current inflationary episode…