Inflation gains marginally
THE country’s year-on-year inflation rate gained 0.10 percentage points in September to -1.33 percent from an August rate of -1.43 percent, statistics from the Zimbabwe National Statistics Agency show.
On month-to-month, the rate of inflation in September gained 0,13 percentage points.
“The year-on-year inflation rate for the month of September 2016 as measured by the all items Consumer Price Index (CPI) stood at -1.33 percent, gaining 0.10 percentage points on the August 2016 rate of -1.43 percent.
“This means that prices as measured by the all items CPI decreased by an average of -1.33 percentage points between September 2015 and September 2016,” said Zimstat.
It said the year-on-year food and nonalcoholic beverages inflation prone to transitory shocks stood at -2.94 percent while the non-food inflation rate was -0.58 percent.
“The month-on-month inflation rate in September 2016 was -0.26 percent gaining 0.13 percentage points on August 2016 rate of -0.13 percent.
“This means that prices as measured by the all items CPI decreased at an average rate of -0.26 percent from August 2016 to September 2016,” said the agency.
The latest year-on-year inflation rate shows that deflation was easing due to an increase in the price of basic commodities.
Zimbabwe slipped into deflation after the annual rate of inflation for February 2014 shed 0,90 percentage points to 0,49 percent due to continuing pricing fall.
The Consumer Council of Zimbabwe has reported that the cost of living for a low income urban earner for September rose by $1,91 attributing this to a rise in the prices of basic commodities as well as other products by retailers.
The price increases of some commodities during the period under review has been attributed to a number of issues among them fluctuation of fuel price and the approaching festive season.
It has also been noted that supermarkets have taken advantage on the use of plastic money by increasing the prices of basic commodities in small amounts. — @ okazunga MINING concern, RioGold, a subsidiary of resources group RioZim Limited, has acquired 100 percent stake in Palatial Gold Investments.
Before the acquisition, Palatial Gold Investments was wholly-owned by Falcon Gold (Falgold).
In a joint notice yesterday, RioZim and Falgold said:
“The directors of RioZim and Falgold are pleased to announce to their shareholders and other stakeholders that, following
Makomo Resources plans to increase its output to about 300 000 tonnes per month