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Inflation rises to 2.24%

by Staff reporter
16 Nov 2017 at 04:43hrs | Views
ZIMBABWE'S annual inflation rose by 1,46 percent to 2, 24 percent in October, the Zimbabwe National Statistical Agency (ZimStats) says.

This means that prices increased by an average rate of 2,24 percent between October last year and October 2017.

"The year on year inflation rate for the month of October 2017 as measured by the all items Consumer Price Index (CPI) stood at 2,24 percent, gaining 1,46 percentage points on the September 2017 rate of 0,78 percent," said ZimStats in a statement yesterday.

The statistics body said year on year Food and Non Alcoholic beverages inflation prone to transitory shocks stood at 4, 4 percent while the Non-food inflation rate was 1, 25 percent.

Meanwhile, the month-on-month inflation rate in October 2017 was 1,54 percent gaining 1,16 percentage points on the September 2017 rate of 0, 38 percent, that is, prices increased at an average rate of 1,54 percent between September and October.

"In October 2017, price increases were observed in all the major eleven divisions of the CPI basket except in education division where prices remained constant.

"The following products were observed to have increased in prices in all the provinces that is beef, rice, biscuits, fish, milk, cooking oil, margarine tinned vegetables fruit and vegetable juices within the food and non-alcoholic beverages division," said ZimStats. The month-on-month Food and Non Alcoholic Beverages inflation rate stood at 2,27 percent in October 2017, gaining 1,61 percentage points on the September 2017 rate of 0, 66 percent.

The month on month non-food inflation rate stood at 1,20 percent, gaining 0, 95 percentage points on the September 2017 rate of 0,25 percent. CPI for the month ending October 2017 stood at 98, 24 compared to 96, 75 in September 2017 and 96, 10 in October 2016.

Source - zimpapers