Zimbabwe inflation continue to rise

Zimbabwe inflation continue to rise
Published: 13 April 2017 (615 Views)

Zimbabwe's year on year inflation rate continued to rise in March and stood at 0.21% after gaining 0.15% on the February rate, latest data has shown.

Zimbabwe slipped out of deflation in February after year-on-year inflation for that month stood at 0,06%, after gaining 0,71% on the January rate. In January, year-on-year inflation was -0,65%.

"The month on month inflation rate in March 2017 was 0.03% shedding 0.58% on the February 2017 rate of 0.61%," said Zimstat.

"This means that prices as measured by the all items CPI [consumer price index] increased by an average of 0,15% points between March 2016 and March 2017," the Zimbabwe National Statistics Agency said in data released today.

"The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year," ZimStat said.

Zimbabwe slipped into deflation in September 2014 when the inflation rate went below zero.

Analysts also say inflationary pressures will continue to increase as Government is constantly running a budget deficit and hiding inflation in the Treasury Bills that have been issued unsustainably.

In his 2017 Monetary Policy Statement, central bank governor John Mangudya said inflation was expected to move into positive territory in 2017 for the first time since September 2014, on the back of anticipated increase in international oil prices and domestic sector recovery.

"There are strong indications that oil supply will fall on the global market, following the agreement by oil producing nations to cut production in 2017," he said then.

"This positive trajectory is expected to be reinforced by the general recovery of the economy in 2017 on account of the expected strong agricultural outturn, which is going to increase disposable income."

Mangudya said the bank was projecting inflation of around 1% to 2% in 2017.

Zimbabwe's annual inflation rate averaged 0.86% from 2009 until 2017, reaching an all-time high of 5.30% in May of 2010 and a record low of -7.50% in December of 2009.

Zimbabwe's controversial bond notes are seen driving inflation into the future and have already been blamed for rising inflationary pressures at the end of 2016.

The central bank introduced bond notes late last year, which it claimed was backed by a US$200 million Afreximbank facility, to ease the cash crisis that started ahead of the 2015 festive season.


- Byo24News

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Senior citizen shoved into fire over gossip

by Staff reporter | 16 October 2017 | 73 Views

Nkosana Moyo engages the people living with disabilities

by Stephen Jakes | 16 October 2017 | 60 Views

WATCH: Mapostori physically attacking boy for stealing a goat

by youtube | 16 October 2017 | 124 Views

WATCH: Man drinks and drives while hitting 200 miles per hour

by youtube | 16 October 2017 | 142 Views

Busisa Moyo among the best minds we have in Zimbabwe

by Enos Denhere | 16 October 2017 | 61 Views

Artisanal miners being duped, losing $16 per gram

by Agencies | 16 October 2017 | 45 Views

Mugabe's wise counsel to Zanu-PF

by Staff reporter | 16 October 2017 | 72 Views

Mugabe's death postponed from 17 October to a later date

by Staff reporter | 16 October 2017 | 110 Views

WATCH: Twerking nurses blasted

by Staff reporter | 16 October 2017 | 93 Views

WATCH: Zimbabwe's currency crisis

by youtube | 16 October 2017 | 63 Views

Emirates FA Cup wins hearts of Zimbabwe soccer fans

by Agencies | 16 October 2017 | 67 Views

School hostel destroyed by fire

by Staff reporter | 16 October 2017 | 58 Views

Jacob Zuma honoured with giant bronze statue and road

by Staff reporter | 16 October 2017 | 66 Views

Zanu-PF now an old snake eating itself

by Patriot Matigari Muchaneta | 16 October 2017 | 74 Views

WATCH: How some Shona tribes mourn well-endowed men

by youtube | 16 October 2017 | 251 Views

Mugabes lifestyle audit long overdue

by Kurauone Chihwayi | 16 October 2017 | 147 Views

Jacob Zuma honoured with giant bronze statue and road

by Staff reporter | 16 October 2017 | 59 Views

WATCH: Nurses caught twerking while on duty

by youtube | 16 October 2017 | 253 Views

Harare's finest duo-darts

by Maenda Collen | 16 October 2017 | 62 Views

WATCH: SA cash-in-transit heist video goes viral

by Staff reporter | 16 October 2017 | 248 Views

Kwese TV keen on Zimbabwe Premier Soccer league TV rights

by Staff reporter | 16 October 2017 | 105 Views

Tsholotsho Declaration of November 2004: the untold story

by Jonathan Moyo | 16 October 2017 | 132 Views

Headmaster 'sexually abuses seven pupils'

by Staff reporter | 16 October 2017 | 133 Views

Ibhetshu likaZulu organises Gukurahundi commemorations at Bhalagwe

by Staff reporter | 16 October 2017 | 58 Views

Zvorwadza in court for insulting Mugabe

by Staff reporter | 16 October 2017 | 84 Views

Bosso revival in a screeching halt

by Staff reporter | 16 October 2017 | 59 Views

Dokora will not withdraw condemned Ndebele book from schools

by Staff reporter | 16 October 2017 | 69 Views

Government introduces livestock levy

by Staff reporter | 16 October 2017 | 80 Views

12 illegal immigrants nabbed

by Staff reporter | 16 October 2017 | 90 Views

Man gets tummy ripped open by colleague during fight

by Staff reporter | 16 October 2017 | 84 Views

Mujuru's NPP faces imminent collapse

by Staff reporter | 16 October 2017 | 106 Views

Man breaks into lover's room

by Staff reporter | 16 October 2017 | 84 Views

Solar power projects stall

by Staff reporter | 16 October 2017 | 55 Views

Former Zimbabwean soldier arrested in Botswana on fraud charges

by Staff reporter | 16 October 2017 | 70 Views

Mugabe endorsed as Zanu-PF's 2018 Presidential candidate

by Staff reporter | 16 October 2017 | 59 Views