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This means prices as measured by the all-items consumer price index increased by an average of 2,98 percentage points between February 2012 and February 2013.
“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 7,58 percent while the non-food inflation rate stood at 0,91 percent.”
The month-on-month inflation rate in February 2013 gained 0,08 percentage points from January’s figure of 0,07 to close at 0,95 percent.
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Monthly food and beverages rate of inflation for February 2013 stood at 1,40 percent, gaining 1,08 percentage points on the January 2013 rate of 0,32 percent.
Month-on-month non-food inflation stood at 0,72 percent gaining 0,78 percentage points on the January rate of -0,06 percent.
The consumer price index for the month ending February 2013 stood at 101,0 compared to 100,1 in January and 98,1 in February last year.
ZimStat also said it is now publishing the consumer price index with new weights and a new classification in accordance with international guidelines with effect from January 2013.
“The use of a new classification of individual consumption by purpose 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 sub-groups and 12 major groups,” said ZimStat in a statement.
The re-classification process means that sub-groups and major groups have been substituted by classes, groups and divisions.
The number of items in the CPI basket has also been increased from 428 to 495.
“The implementation of COICOP classification is also part of the harmonisation project of consumer price indices in different regions like the Sadc as all member states are supposed to adopt the new procedure to enable inter-country comparisons of the CPI and the rate of inflation,” ZimStat added.
Online Reporter