Zimbabwe National Statistics Agency (ZIMSTAT) on Monday, 27 November said that the month-on-month inflation rate rose to 4.5% in November 2023, up from 2.5% in October.
ZIMSTAT also said the year-on-year inflation for November was 21.6%, up from 17.8 percent in October 2023. ZIMSTAT said:
The month-on-month inflation rate for November 2023, was 4.5%, gaining 2.0 percentage points on the October 2023 rate of 2.5%.
The month-on-month inflation rate is given by the percentage change in the price index of the reference month of a given year compared with the price index of the previous month in the same year.
The year-on-year inflation rate for the month of November 2023, as measured by the all-items Consumer Price Index (CPI), was 21.6%.
The year-on-year inflation rate is given by the percentage change in the price index of the reference month of a given year, compared with the price index of the same month in the previous year.
For the month of November 2023, the CPI for Housing, Water, Electricity, Gas and Other Fuels, had the highest contribution to the month-on-month change in index (inflation rate) of 2.5%, followed by Food and Non-Alcoholic Beverages with a contribution of 1.5%.
Inflation is the general increase in prices of goods and services in an economy due to increased demand for goods and services, rising production costs, changes in government policies, or changes in the money supply.
While a moderate and stable inflation rate is generally considered beneficial for economic growth and stability, hyperinflation has negative effects.
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