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Zim inflation dips slightly

Dec 18 2012 09:01 Malcom Sharara, Fin24’s correspondent in Zimbabwe

Street scene in Harare. Zimbabwean pay packets have remained stagnant.

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Harare - Zimbabwe’s November inflation dropped 0.39 basis points to 2.99% from the October rate of 3.38%, after clothing and footwear put downward pressure on consumer price index (CPI) performance.
 
Year-on-year food and non-alcoholic beverages stood at 3.85%, while non-food inflation was 2.61%.
 
Month-on-month (m/m) inflation in November 2012 was 0.13%, dropping 0.13 percentage points on the October 2012 rate of 0.26%.
 
M/m food and non-alcoholic beverages inflation stood at 0.18% in November, shedding 0.28 percentage points on the October 2012 rate of 0.46%.
 
M/m non-food inflation stood at 0.11% from the 0.17% October rate, shedding 0.06 percentage points.
 
The CPI for the month ending November 2012 stood at 102.77, compared to 102.63 in October 2012 and 99.78 in November 2011.
 
The downward trend in inflation is attributed to fluctuations in real demand for goods and services, largely because of low disposable income among the majority of the public. This is attributed to the persistent liquidity crunch in the economy resulting in limited cash flows.
 
Prices of basic goods and services have generally remained stable, owing to the lack of room for retailers to raise prices as disposable incomes are not growing because of an illiquid economy.
 
The economy is now characterised by stagnant salaries and wages with minimal adjustments being made as this will leave less money for working capital.
 
However, the Zimbabwe Statistical Office said the country was facing significant inflationary pressures emanating from a poor harvest in the last season, demand for rental accommodation and increasing utility prices.

 - Fin24

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zimbabwe  |  inflation  |  economy
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