Inflation stands at 3%

Inflation stands at 3%
Published: 17 January 2018 (557 Views)
ZIMBABWE'S year-on year inflation rate closed 2017 at 3.46 percent gaining 0.49 percentage points on the November rate of 2.97 percent, official figures show.

This means that prices as measured by the all items Consumer Price Index (CPI) increased by an average of 3.46 percent between December 2016 and December 2017.

"The year-on-year inflation rate for the month of December 2017 as measured by the all items CPI stood at 3.46 percent, gaining 0.49 percentage points on the November 2017 rate of 2.97 percent," said the Zimbabwe National Statistics Agency (Zimstat).

It said the year-on-year food and non alcoholic beverages inflation prone to transitory shocks stood at 6.60 percent while the non-food inflation rate was two percent.

"The month-on-month inflation rate in December 2017 was 0.53 percent shedding 0.21 percentage points on the November 2017 rate of 0.74 percent," said Zimstat.

Using the standard methods and internationally approved methods of calculating inflation, the Reserve Bank of Zimbabwe last year projected that the country's rate of inflation would end 2017 at below three percent.

However, towards the end of 2017 the economy was characterised by basic commodities' price increases that were triggered by some irresponsible social media reports suggesting that the country would face food shortage.

As a result, some unscrupulous businesses have since then been increasing their prices willy-nilly with prices of goods and services going up by more than double mainly due to speculation and profiteering among producers and retailers.

In the 2018 national budget, Finance and Economic Planning Minister Patrick Chinamasa said on the outlook, the biggest threat emanates from inflationary pressures the economy faces from potential general price hikes driven by speculative tendencies, arising from the mis-match between electronic bank balances and available foreign exchange.

Last week, the Zanu-PF Politburo set up an ad-hoc committee chaired by Vice President General Constantino Chiwenga (Retired) to deal with wanton price hikes for basic commodities in the past three months.

The Competition and Tariff Commission (CTC) has also announced that it would cancel licences of businesspeople colluding to hike prices. The commission has said it was suspicious that most prices of basic commodities were uniform despite differences among competitors in overhead costs, scale of operation and other expenses.

- chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 824 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1595 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1209 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1245 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1204 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 998 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 823 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 792 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 667 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 1066 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 682 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 728 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 726 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 587 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 676 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 680 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 669 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 640 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 472 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 434 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 647 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 1028 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 703 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 660 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 649 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 719 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 608 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 551 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 594 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 597 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 567 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 648 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 567 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 520 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 645 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 1000 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 608 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 529 Views