Business / Economy
Zimbabwe's year-on-year inflation increases to 2.98%
16 Mar 2013 at 08:45hrs | Views
Data released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Friday shows that year on year inflation for February 2013 increased by 0,47 percentage points to 2,98 percent from 2,9 percent in January.
ZIMSTAT says the rise in education fees as well as utility bills has lead to an increase in inflation with month on month consumer price index rising from 0,1 percent in January to 1,0 percent as of February this year.
An economic analyst Tendai Munyoro says government might miss the 2013 inflation targets due to a five percent upward adjustment in the excise duty for fuel which is likely to result in price increases.
"We are likely to experience an inflationary trend in the second quarter on the back of an upward adjustment in the excise duty for fuel," said Munyoro.
Inflation which refers to the rate at which prices are increasing has been averaging 2, 5 percent in the past three years.
But economic observers have raised concern over whether the current inflation rates are translating into increased employment, a boom in productivity, sustainable export receipts and high capital inflows.
ZIMSTAT says the rise in education fees as well as utility bills has lead to an increase in inflation with month on month consumer price index rising from 0,1 percent in January to 1,0 percent as of February this year.
An economic analyst Tendai Munyoro says government might miss the 2013 inflation targets due to a five percent upward adjustment in the excise duty for fuel which is likely to result in price increases.
"We are likely to experience an inflationary trend in the second quarter on the back of an upward adjustment in the excise duty for fuel," said Munyoro.
Inflation which refers to the rate at which prices are increasing has been averaging 2, 5 percent in the past three years.
But economic observers have raised concern over whether the current inflation rates are translating into increased employment, a boom in productivity, sustainable export receipts and high capital inflows.
Source - zbc
