adminOliver Kazunga, Senior Business Reporter
THE country’s annual inflation for the month of April stood at -1,64 percent after gaining 0,66 percentage points on the March rate of -2,31 percent.
The figures released by the Zimbabwe National Statics Agency (Zimstat) on Monday, come against a backdrop of a weaker rand, more competition and tighter manufacturing management maintain pressure on prices.
Since the adoption of a multi-currency system in February 2009, Zimbabwe’s economy has been dominated by the United States dollar.
And the weakening value of the South African rand in recent months continues to make imports from South Africa cheaper for local retailers.
“The year on year inflation rate for the month of April 2016 as measured by the all items Consumer Price Index (CPI) stood at -1.64 percent, gaining 0.66 percentage points on the March 2016 rate of -2.31 percent,” said Zimstat.
This means that prices as measured by the all items CPI decreased by an average of -1.64 percentage points between April 2015 and last month.
On a monthly basis, the inflation rate was at -0.21 percent, after shedding 0.10 percentage points on March rate of -0.12 percent, the agency said.
It said the year on year food and non-alcoholic beverages inflation prone to transitory shocks stood at 4.02 percent while the non-food inflation rate was -0.51 percent.
“The month-on-month inflation rate in April 2016 was -0.21 percent shedding 0.10 percentage points on March 2016 rate of -0.12 percent.
This means that prices as measured by the all items CPI decreased at an average rate of -0.21 percent from March 2016 to April 2016.
The month-on-month food and non-alcoholic beverages inflation rate stood at -0.51 percent last month, shedding 0.37 percentage points on the March 2016 rate of -0.13 percent.
Zimstat also said the month on month non-food inflation rate stood at -0.08 percent, gaining 0.03 percentage points on the March 2016 rate of -0.11 percent.
derick.khumalo