adminpercentage points to 3,3 percent.
This is the second increase in as many months after the annual inflation rate rose in June by 0,4 percentage points to 2,9 percent.
Latest statistics from the Zimbabwe National Statistical Agency show that the year-on-year inflation rate for the month of July as measured by the all-items Consumer Price Index (CPI) stood at 3,3 percent, gaining 0,4 percentage points on the June rate of 2,9 percent.
This means prices as measured by the all items CPI increased by an average of 3,3 percentage points between July last year and July this year. The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 3,56 percent whilst non-food inflation stood at 3,13 percent.
The country’s month-on-month inflation rate in July stood at 0,3 percent gaining 0,1 percentage points on the June rate of 0,2 percent. This means that the rate of change in prices as measured by the all items CPI increased by an average of 0,3 percent from June to July.
The month-on-month food and non-alcoholic beverages inflation stood at 0,47 percent in July, gaining 0,35 percentage points on the June rate of 0,12 percent. The month-on-month non-food inflation stood at 0,17 percent shedding 0,13 percentage points on the June rate of 0,30 percent.
The latest rise in both the annual and monthly inflation rate was largely anticipated by most observers in view of the decision by the Government to reintroduce import duty on some basic commodities.
This is also in view of the fact that in Zimbabwe, historical inflation trends show that rising prices for food, non-alcoholic beverages, health, education and services by public utilities are the major drivers of its inflation.
Meanwhile, the CPI for July stood at 98,2 compared to 97,9 for the previous month, and 95,1 in the prior comparable period.
Online Reporter