Zimbabwe inflation hits two-year high but still negative

Zimbabwe inflation hits two-year high but still negative
Published: 16 February 2017 (877 Views)

Zimbabwe's inflation continued on its upward trend to reach its highest level in more than 24 months in January although is still negative according to data released yesterday by Zimstat, as consumers spent more for bread, cereal, fish, sea food, oils and fats and other products.

"The year-on-year inflation rate for the month of January 2017 stood at -0,65 percent, gaining 0,28 percentage points on the December 2016 rate of -0,93 percent", said the Agency.

Inflation last averaged -0,2 percent in 2014 and has been on an upward spiral since July 2016 when it recorded a relatively lower rate of -1,6 percent.

Prices of bread and cereals, which have a weight of 10,98 percent to the total consumer price index, surged by 1,86 percent. Fish and sea food prices also rose by 1,1 percent.

"The month-on-month inflation rate in January 2017 was 0,23 percent gaining 0,18 percentage points on the December 2016 rate of 0,06 percent", said Zimstat.

Costs of goods and services have also been rising over the past few months as a result of increased greenback shortages which forced some economic agents to resort to the black market where they pay a premium of up to 25 percent to get the erratic US dollars. The premium is then passed to the final consumer, which increases the general price level.

Gas prices however took a -9,17 percent dip, with actual rental for housing falling by -6,39 percent, while the prices of fruit also fell by -7,97 percent.

As the Government is targeting to increase aggregate production in the economy this year, driven by the 2017 National Budget theme - "Pushing production frontiers across all sectors of the economy" - it is important that more concrete supply side interventions be put in place to abet the operations of productive sectors.

The country's month-on-month food and non-alcoholic beverages inflation rate also significantly jumped up to 0,80 percent in January 2017, gaining by 0,42 percent on the December 2016 rate of 0,38 percent. - .

- Wires

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Assault victim 'kidnapped'

by Staff reporter | 22 February 2018 | 10 Views

Woman up for attempted murder

by Staff reporter | 22 February 2018 | 12 Views

Bush sex at Tsvangirai's funeral

by Staff reporter | 22 February 2018 | 9 Views

Kombis to #Shutdown Harare

by Staff reporter | 22 February 2018 | 37 Views

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

by Transform Zimbabwe | 22 February 2018 | 27 Views

WATCH: Mliswa calls Mpofu a thief during Portfolio Committee meeting

by Staff reporter | 22 February 2018 | 49 Views

BREAKING: Kombi ban reversed

by Staff reporter | 22 February 2018 | 40 Views

Russia avails 70 academic scholarships to Zimbabweans

by Staff reporter | 22 February 2018 | 24 Views

PDP's statement on violence at Tsvangirai funeral

by Jacob Mafume PDP Spokesperson | 22 February 2018 | 105 Views

Army commanders want Mnangagwa to serve only one term - report

by Staff reporter | 22 February 2018 | 163 Views

Mugabe birthday holiday misnamed

by Trevor Sagota in Harare | 22 February 2018 | 91 Views

WATCH: Gukurahundi testimony that makes you cry

by Staff reporter | 22 February 2018 | 143 Views

Fighting for one's independence is not tribalism

by Sam Velaphi Mabhena, MNP President | 22 February 2018 | 99 Views

Chamisa, vigilante or villain

by Daniel Itai | 22 February 2018 | 216 Views

WATCH: Obert Mpofu being grilled

by Staff reporter | 22 February 2018 | 126 Views

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

by Staff reporter | 22 February 2018 | 220 Views

Tsvangirai's second book to be published soon

by Staff reporter | 22 February 2018 | 89 Views

Student grants back

by Staff reporter | 22 February 2018 | 112 Views

Professor Dlodlo appointed NUST vice chancellor

by Staff reporter | 22 February 2018 | 122 Views

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

by Stephen Jakes | 22 February 2018 | 194 Views

MDC-T president Nelson Chamisa must denounce political violence

by Leonard Koni | 22 February 2018 | 110 Views

MDC-T Zhombe defends Chamisa over violence

by Stephen Jakes | 22 February 2018 | 164 Views

Plot to unleash violence backfires

by Stephen Jakes | 22 February 2018 | 140 Views

Grace Mugabe's PhD supervisor investigated

by Staff reporter | 22 February 2018 | 88 Views

Thanksgiving to Everyone who burial of Tsvangirai

by Richard M Simango | 22 February 2018 | 97 Views

Nadia Nakai no-make-up challenge goes viral

by Staff reporter | 22 February 2018 | 160 Views

Soldier loses service pistol in nightclub

by Staff reporter | 22 February 2018 | 161 Views

A befitting 'violent' farewell to an iconic boss

by Luke Tamborinyoka | 22 February 2018 | 137 Views

Zimra aim to enhance efficiency

by Staff reporter | 22 February 2018 | 70 Views

Floods wreak havoc

by Staff reporter | 22 February 2018 | 112 Views

Mnangagwa to address war vets' grievances

by Staff reporter | 22 February 2018 | 92 Views

Tsvangirai wanted passport for prophetic healing

by Staff reporter | 22 February 2018 | 148 Views

Gutu quits 'violent' MDC-Chamisa

by Staff reporter | 22 February 2018 | 114 Views

'Mnangagwa a tried, tested leader,' claims Mohadi

by Staff reporter | 22 February 2018 | 76 Views

Zanu-PF MP's son, girlfriend caught up in cops and robbers shootout

by Staff reporter | 22 February 2018 | 179 Views