Zimbabwe’s Month-on-month inflation drops

ZIMBABWE’S month-on-month inflation rate dropped to 17,46 percent in November, shedding 21,29 percentage points on the October rate of 38,75 percent, according to the Zimbabwe National Statistics Agency (Zimstat).

“The month on month inflation rate in November 2019 was 17,46 percent shedding 21,29 percentage points on the October 2019 rate of 38,75 percent.

“This means that prices as measured by the all items Consumer Price Index (CPI) increased by an average rate of 17,46 percent from October 2019 to November 2019,” said the statistics agency in its latest report released on Monday.

Zimstat also said the month-on-month food and non-alcoholic beverages inflation rate stood at 22,63 percent in November, shedding 25,72 percentage points on the October 2019 rate of 48,35 percent.

“The month on month non-food inflation rate stood at 13,94 percent, shedding 18,96 percentage points on the October 2019 rate of 32,90 percent,” it said.

Finance and Economic Development Minister Professor Mthuli Ncube in October predicted that foreign exchange market rates and inflationary pressures were expected to ease going forward as Government continues implementing macro-fiscal stabilisation strategies.

It is hoped that this would see the economy emerging from the woods next year and beyond riding on the ongoing reforms.

Furthermore, the economy is projected to grow by 4,6 percent in 2020, anchored on the ongoing reform initiatives and broader positive assumptions in the domestic sector and favourable global trade indicators.

Government in August deferred the publication of year-on-year inflation figures to February next year to allow for the building up of data of prices in mono-currency for a period of 12 months.

This is not the first time that Zimbabwe has suspended the publication of year-on-year inflation as the country once did it when the multicurrency system was introduced in February 2009.

Source – Chronicle