Business / Economy
Zimbabwe's annual inflation rate drops
16 Apr 2013 at 03:00hrs | Views
ZIMBABWE'S annual rate of inflation shed 0,22 percentage points on the February figure of 2,98 percent to 2,76 percent in March, the Zimbabwe National Statistics Agency has said.
This means prices, as measured by the all-items consumer price index, increased by an average of 2,76 percentage points between March 2012 and March 2013.
But the fall in the rate of inflation does not imply a fall in the price of goods. Rather, it implies the decrease in the rate or magnitude by which prices increased over the past 12 months.
"The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year," said ZimStat.
"The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 4,18 percent while the non-food inflation rate was 2,04 percent."
The month-on-month inflation rate in March 2013 shed 0,74 percentage points from February's figure of 0,95 percent to close at 0,21 percent.
Monthly food and beverages rate of inflation for March 2013 stood at 0,32 percent, shedding 1,08 percentage points on the February rate of 1,40 percent.
Month-on-month non-food inflation was pegged at 0,15 percent, shedding 0,57 percentage points on the February rate of 0,72 percent.
The consumer price index for the month ending March 2013 stood at 101,2 compared with 101,0 in February 2013 and 98,5 in March 2012.
ZimStat has also said it is now publishing the consumer price index with new weights and new classification, in accordance with international guidelines with effect from January 2013 and this is known as classification of individual consumption by purpose (COICOP).
"The implementation of COICOP classification is also part of the harmonisation project of consumer price indices in different regions, such as Sadc, as all member states are supposed to adopt the new procedure to enable inter-country comparisons of the Consumer Price Index and the rate of inflation," said ZimStat.
This means prices, as measured by the all-items consumer price index, increased by an average of 2,76 percentage points between March 2012 and March 2013.
But the fall in the rate of inflation does not imply a fall in the price of goods. Rather, it implies the decrease in the rate or magnitude by which prices increased over the past 12 months.
"The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year," said ZimStat.
"The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 4,18 percent while the non-food inflation rate was 2,04 percent."
Monthly food and beverages rate of inflation for March 2013 stood at 0,32 percent, shedding 1,08 percentage points on the February rate of 1,40 percent.
Month-on-month non-food inflation was pegged at 0,15 percent, shedding 0,57 percentage points on the February rate of 0,72 percent.
The consumer price index for the month ending March 2013 stood at 101,2 compared with 101,0 in February 2013 and 98,5 in March 2012.
ZimStat has also said it is now publishing the consumer price index with new weights and new classification, in accordance with international guidelines with effect from January 2013 and this is known as classification of individual consumption by purpose (COICOP).
"The implementation of COICOP classification is also part of the harmonisation project of consumer price indices in different regions, such as Sadc, as all member states are supposed to adopt the new procedure to enable inter-country comparisons of the Consumer Price Index and the rate of inflation," said ZimStat.
Source - TH
