ZIMBABWE’S consumer inflation slowed in November after shedding 0,39 basis points to 2,99% as a result of limited pressure from clothing and footwear on the Consumer Price Index, latest statistics have shown.
Business Reporter
Figures released by the Zimbabwe National Statistical Agency on Monday indicated that the year-on-year food and non-alcoholic beverages inflation stood at 3,85%, while non-food inflation stood at 2,61%.
Month-on-month inflation in November was 0, 13% dropping 0,13 percentage points on the prior month rate of 0,26%. The month-on-month food and non-alcoholic beverages inflation stood at 0,18% in November shedding 0,28% age points on the October 2012 rate of 0,46%.
The month-on-month non-food inflation stood at 0,11% from 0,17 October rate shedding 0,06% points.
In his 2013 National Budget, Finance minister Tendai Biti said the country continued to score positively in maintaining stable price levels, with annual inflation for the greater part of 2012 remaining in the 3 – 4,5% band.
Biti said stability in the price levels had benefited from supply improvements, containment of costs, particularly the wage bill, depressed demand under tight liquidity conditions, tight market competition and depreciation of the rand against the US dollar.
“In the outlook to December 2012, inflation is expected to pick up due to seasonal induced demand, ending the year at around 3,5%,” said Biti last month.
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In 2013, inflation is projected to remain below 5%, mainly underpinned by a slowdown in global food prices, steady international oil prices, improved domestic capacity utilisation and managed expectations.
Indicating the stability in prices, the cost of living as measured using the Consumer Council of Zimbabwe’s low income index, urban earner monthly basket for a family of six rose slightly from the October 2012 figure of $572, 18 to $572,63 by the end of November.
The food basket marginally rose from $160, 01 to $160,22 during the same period.
“Of all the commodities on the basket, meat has shown a consistent upward increase in price as from July 2012,” the consumer watchdog said in its monthly price report.
The cost of the food basket and the price of each commodity are measured by averaging prices gathered from retail outlets throughout the country.
