Inflation stands at 3%

Inflation stands at 3%
Published: 17 January 2018 (327 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

Fake facebook post claims Mujuru joining MDC Alliance

by Staff reporter | 22 February 2018 | 162 Views

Chamisa will never again address a rally in Matebeleland

by Disgruntled Matebeleland MDC-T youth. | 22 February 2018 | 481 Views

Assault victim 'kidnapped'

by Staff reporter | 22 February 2018 | 176 Views

Woman up for attempted murder

by Staff reporter | 22 February 2018 | 159 Views

Bush sex at Tsvangirai's funeral

by Staff reporter | 22 February 2018 | 409 Views

Kombis to #Shutdown Harare

by Staff reporter | 22 February 2018 | 134 Views

Kombi Ban/Operation De-congest Hre Inhuman: Transform Zimbabwe

by Transform Zimbabwe | 22 February 2018 | 91 Views

WATCH: Mliswa calls Mpofu a thief during Portfolio Committee meeting

by Staff reporter | 22 February 2018 | 366 Views

BREAKING: Kombi ban reversed

by Staff reporter | 22 February 2018 | 118 Views

Russia avails 70 academic scholarships to Zimbabweans

by Staff reporter | 22 February 2018 | 57 Views

PDP's statement on violence at Tsvangirai funeral

by Jacob Mafume PDP Spokesperson | 22 February 2018 | 151 Views

Army commanders want Mnangagwa to serve only one term - report

by Staff reporter | 22 February 2018 | 314 Views

Mugabe birthday holiday misnamed

by Trevor Sagota in Harare | 22 February 2018 | 171 Views

WATCH: Gukurahundi testimony that makes you cry

by Staff reporter | 22 February 2018 | 196 Views

Fighting for one's independence is not tribalism

by Sam Velaphi Mabhena, MNP President | 22 February 2018 | 128 Views

Chamisa, vigilante or villain

by Daniel Itai | 22 February 2018 | 303 Views

WATCH: Obert Mpofu being grilled

by Staff reporter | 22 February 2018 | 154 Views

WATCH: 'Obert Mpofu demanded a $10m bribe'

by Staff reporter | 22 February 2018 | 317 Views

Tsvangirai's second book to be published soon

by Staff reporter | 22 February 2018 | 104 Views

Student grants back

by Staff reporter | 22 February 2018 | 133 Views

Professor Dlodlo appointed NUST vice chancellor

by Staff reporter | 22 February 2018 | 147 Views

'Tsvangirai's funeral number two in Africa to be largely attended'

by Stephen Jakes | 22 February 2018 | 228 Views

MDC-T president Nelson Chamisa must denounce political violence

by Leonard Koni | 22 February 2018 | 144 Views

MDC-T Zhombe defends Chamisa over violence

by Stephen Jakes | 22 February 2018 | 195 Views

Plot to unleash violence backfires

by Stephen Jakes | 22 February 2018 | 181 Views

Grace Mugabe's PhD supervisor investigated

by Staff reporter | 22 February 2018 | 111 Views

Thanksgiving to Everyone who burial of Tsvangirai

by Richard M Simango | 22 February 2018 | 132 Views

Nadia Nakai no-make-up challenge goes viral

by Staff reporter | 22 February 2018 | 260 Views

Soldier loses service pistol in nightclub

by Staff reporter | 22 February 2018 | 182 Views

A befitting 'violent' farewell to an iconic boss

by Luke Tamborinyoka | 22 February 2018 | 176 Views

Zimra aim to enhance efficiency

by Staff reporter | 22 February 2018 | 84 Views

Floods wreak havoc

by Staff reporter | 22 February 2018 | 140 Views

Mnangagwa to address war vets' grievances

by Staff reporter | 22 February 2018 | 104 Views

Tsvangirai wanted passport for prophetic healing

by Staff reporter | 22 February 2018 | 174 Views

Gutu quits 'violent' MDC-Chamisa

by Staff reporter | 22 February 2018 | 131 Views