Inflation up marginally

HARARE - Zimbabwe's year-on-year inflation rate rose 0, 08 percentage points to 0, 41 percent in January from 0, 33 percent recorded in December 2013.

This means prices — as measured by the all items consumer price index (CPI) ? increased by an average 0, 41 percentage points between January 2013 and January 2014.

According to Zimbabwe National Statistics Agency (Zimstat), during the period, year-on-year food and non-alcoholic beverages inflation stood at -2,08 percent whilst the non-food inflation rate was 1,67 percent.

“The month-on-month inflation rate in January 2014 was 0,14 percent, gaining 0, 22 percentage points on the December 2013 rate of -0, 08 percent,” Zimstat said.

Month-on-month 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 previous month in the current year.

The month-on-month food and non-alcoholic beverages inflation stood at 0,44 percent in January 2014, gaining 0,85 percentage points on the December 2013 rate of -0,41 percent while month-on-month non-food inflation stood at 0,001 percent, shedding 0,079 percentage points on the December 2013 rate of 0,080 percent.

“The CPI for the month ending January 2014 stood at 100,48 compared to 100,33 in December 2013 and 100,07 in January 2013,” Zimstat said.

This comes as the agency has with effect from January 2013 been publishing the CPI with new weights and a new classification in accordance with international guidelines.

“The use of a new classification of Individual Consumption by Purpose (COICOP) resulted in the creation of a new classification which resulted in coming up with 83 classes, 41 groups and 12 divisions while in the old classification there were 68 subgroups and 12 major groups,” it said, adding “the number of items in the CPI basket has also been increased from 428 to 495.”

Zimstat said implementation of the COICOP classification is also part of the harmonisation project of CPIs in different regions, including Sadc.

“All member states are supposed to adopt the new procedure to enable inter-country comparisons of the CPI and the rate of inflation,” it said.

The indices prior to January 2013 were re-referenced to December 2012.

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