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Monthly inflation drops: ZimStat

by Staff reporter
22 Aug 2019 at 06:35hrs | Views
ZIMBABWE's month-on-month inflation for July slid 18.22 percentage points to 21.04 percent showing a slowdown in increases in the prices of goods and services. In June, month-on-month inflation stood at 39.26 percent, while annual inflation was at 176 percent.

"This means that prices as measured by the all items CPI increased by an average rate of 21.04 percent from June 2019 to July 2019," the Zimbabwe National Statistics Agency (ZimStat) said.

It said the overall decline in month-on-month inflation in July was on the back of a respective 35.17 percentage points and 9.5 percentage points decline in food and non-food inflation.

In a move that attracted mixed reactions from the market, Government early this month announced a suspension in the publication of annual inflation figures following currency changes effected from February this year.

"The change in currency regime from the multi-currency to Zimbabwe dollar has definitely impacted on the base for calculation of CPI indices and hence inflation," said Finance and Economic Development Minister, Professor Mthuli Ncube.

"Given this transition, ZimStat will defer publication of year on year inflation, while building up data of prices in mono-currency for a period of 12 months to February 2020. This will ensure that we compare like with like in terms of currency regimes."  

Till then, the country will use month-on-month inflation as the barometer for price developments, he said.

Source - New Ziana.