Inflation rises 0,73pc in November

ZIMBABWE’S year on year inflation rate for November as measured by the all items consumer price index (CPI) stood at 2,97 percent, gaining 0,73 percent from the October figures driven by a surge in food and non-alcoholic beverages.

In October, the year on year inflation rate was 2,24 percent.

This means prices as measured by the all items CPI increased by an average of 2,97 percent between November last year and this year.

The rise in year on year inflation thrusts the country on a firm footing to end the year with inflation of slightly above 3 percent, as predicted by market watchers.

This comes at a time when retailers have exponentially increased prices of basic goods particularly since last Saturday.

Government is engaging retailers and wholesalers with a view to reducing the prices.

Bread makers have already agreed to revert to between 90c and $1.

Statistics from the Zimbabwe National Statistics Agency (Zimstat) show that year on year food and non-alcoholic beverages inflation, which is prone to transitory shocks, stood at 5,65 percent whilst the nonfood inflation rate was 1,74 percent.

The month on month inflation rate in November 2017 was 0,74 percent, shedding 0,80 percentage points on the October 2017 rate of 1,54 percent.

This means that prices as measured by the all items CPI increased at an average rate of 0.74 percent from October 2017 to November 2017.

“The month on month food and non-alcoholic beverages inflation rate stood at 1,74 percent in November 2017, shedding 0,53 percentage points on the October 2017 rate of 2,27 percent.

“The month on month non-food inflation rate stood at 0,26 percent, shedding 0,94 percentage points on the October 2017 rate of 1,20 percent,” said Zimstat.

The CPI for November stood at 98,97 compared to 98,24 in October 2017 and 96,11 in November 2016.