Inflation skyrockets to 31 percent

Harare – Zimbabwe’s annual inflation rate in the month of November surged 31 percent, gaining 10.16 percentage points from 20.85 points in October, latest figures from the Zimbabwe National Statistics Agency shows.

The statistical agency attributed the rise in annual inflation rate for November mainly to food inflation which carries a 31.98 percent weight on the total CPI basket.

The year on year food and non-alcoholic beverages inflation prone to transitory shocks stood at 42.71 percent against 26.8 percent in October 2018.

Zimstat data also show that the month on month Food and Non-Alcoholic Beverages inflation rate stood at 14.53 percent in November 2018, dropping 5.59 percentage points on the October 2018 rate of 20.12 percent.

According to the data, food items whose inflation increased include oils and fats (58.02%), bread and cereal (37.88%) and meat (57.61%).

Other significant increases include vegetables (32.80%), fruits (35.52%) and milk, cheese and eggs (35%).

Also contributing to the quickening, the annual inflation was inflation in the transport services accounting for 9.8 percent of the total CPI basket which rose to 22 percent in October 2018 from 19.6 percent recorded in October 2018.

Spares and accessories surged 51.7 percent while fuel and lubricants surged by 6.83 percent.

For clothing and foot wear, clothing material prices went up by 109.25 percent, according to Zimstat’s data.

For non-alcoholic beverages, mineral waters and soft drinks rose by 29.83 percent in November whilst alcoholic beverages were up to 21.41 percent.

According to the statistics agency, month on month inflation rate in November 2018 was 9.2 percent decreasing 7.24 percentage points on the October 2018 rate of 16.44 percent.

The month on month non-food inflation rate stood at 6.5 percent, losing 8.16 percentage points on the October 2018 rate of 14.66 percent.

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