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Zim inflation gains 3.46%

Jan 16 2018 16:30
By Crecey Kuyedzwa

Harare - Inflation in Zimbabwe rose to 3.46% in December, according to data from the Zimbabwe National Statistics Agency (Zimstat).

This came at a time when the country experienced persistent price increases, as manufacturers and retailers put up prices to compensate for the high US dollar premiums currently prevailing in the market.

Economic players in the country have resorted to sourcing US dollars from the illegal market, where premiums are as high as 50%.

The all items consumer price index stood at 3.46%, gaining 0.49 percentage points on the November 2017 rate of 2.97%.

Major price movements were experienced in food and non-alcoholic beverages, which stood at 6.60%, while the non-food inflation rate was 2.00%.

The month-on-month (m/m) food and non-alcoholic beverages inflation rate stood at 1.29% in December 2017, shedding 0.45 percentage points on the November 2017 rate of 1.74%. The m/m non-food inflation rate stood at 0.16%, shedding 0.10 percentage points on the November 2017 rate of 1.26%.

Delta reports revenue growth

Meanwhile, beverages company and Anheuser-Busch InBev associate Delta Corporation reported 24% growth in revenue for the third quarter to December.

The company experienced growth in volumes for its lager beers which were up 36%, with sparkling beverages up 14% and sorghum beer up 10%.

Delta attributed the growth in volumes to renewed optimism for an economic recovery, following significant political developments that saw President Emmerson Mnangagwa taking over from long-time ruler Robert Mugabe.

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zimbabwe  |  africa economy  |  inflation
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