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Monday, May 27, 2024
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Zim inflation rate declines

Story by Stanley James, Business Editor

ZIMBABWE continues to experience a sustained drop in inflation since August last year as the annual rate for March tumbled to 87,6 percent from 92,3 percent in February.

The Zimbabwe National Statistics Agency (ZIMSTAT) Director General Mr Taguma Mahonde has revealed that Zimbabwe is fully affecting the blended inflation calculation method determined by the Zimbabwe dollar and the United States dollar.

Before the new calculation method, inflation was being measured using the local currency only.

Despite marginal gains in the month-on-month inflation rate, data released this Monday reflects a sustained inflation decline trajectory.

“The year-on-year inflation rate for the month of March 2023 as measured by the All-Items Consumer Price Index (CPI) was 87, 6 percent this means that prices, as measured by the Consumer Price Index, increased by an average of 87,6 percent between March 2022 and March 2023,” The month on month rate in March 2023 was 0,1 percent gaining 1,7 percentage points on the February rate of minus 1,6 percent,” he said.

Social services such as education and health were cited as key drivers of inflation for March.

“The key drivers were social services and elements such as health and education, there was however stability in inflation,” he added.

Inflation refers to the rate at which prices are increasing, while a fall in inflation does not, however, mean prices are decreasing, but reflects the slow pace in price adjustments.

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