adminThe Zimbabwe National Statistics Agency (Zimstat) said the Consumer Price Index (CPI) between November 2011 and last month increased by an average of 2,99 percentage points.
“The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 3,85 percent while non-food inflation stood at 2,61 percent,” said Zimstat in a statement.
The agency said the month-on-month inflation rate in November 2012 was 0,13 percent shedding 0,13 percentage points on the previous month’s rate of 0,26 percent.
This means that prices as measured by the all items CPI increased at an average of 0,13 percent from October 2012 to November 2012.
The month-on-month food and non-alcoholic beverages inflation stood at 0,18 percent in November 2012 shedding 0,28 percentage points on the October 2012 rate of 0,46 percent.
The month-on-month non-food inflation stood at 0,11 percent, shedding 0,06 percentage points on the October 2012 rate of 0,17 percent.
The CPI for the month ending November 2012 stood at 102,77 compared to 102,63 in October 2012 and 99,78 in November 2011.
An economic commentator, Ms Wendy Mpofu, said the reduction in inflation figures were a result of direct competition from imported products.
“The opening of borders has a direct impact on the country’s rate of inflation. As more goods are entering into the country duty free or with less duty, this has a knock on effect on the rate of inflation in the country because too many commodities are available on the market forcing the price to go down,” she said.
She said inflation figures in Zimbabwe were not determinant of what was happening on the ground as the country was largely dependent on imports because the manufacturing sector was not producing competitively.
Online Reporter