Business Reporter
Zimbabwe Herald
Following the unjustified price increases experienced in the month of October 2018, the country’s inflation rate for the month jumped to 20,9 percent from 5,4 percent, latest figures from the Zimbabwe National Statistics Agency have shown.
According to ZimStats, the year-on-year inflation rate for the month of October 2018 as measured by the all items Consumer Price Index (CPI) stood at 20,85 percent, gaining 15,46 percentage points on the September 2018 rate of 5,39 percent.
This means that prices as measured by the all items CPI increased by an average of 20,85 percent between October 2017 and October 2018.
The CPI for the month ending October 2018 stood at 118,73 compared to 101,97 in September 2018 and 98,24 in October 2017.
ZimStats, however, said the data used for the latest inflation data was collected during the period covering five days around October 15, 2018. The changes in prices in this report refer to that period, explained ZimStats.
The month of October saw prices of most consumer goods and services skyrocket to levels last witnessed before dollarisation.
The period was also characterised by panic buying and hoarding, further pushing prices beyond the reach of many.
While hoarding and panic buying seem to have subsidised, prices are still on an upward trend, with pharmacies in particular demanding US dollar payments or five times the amount if using other payment methods such as bond notes and swipe.
The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 26,78 percent while the non-food inflation rate was 18,06 percent.
The month-on-month inflation rate in October 2018 was 16,44 percent gaining 15,52 percentage points on the September 2018 rate of 0,92 percent.
This means that prices as measured by the all items CPI increased by an average rate of 16,44 percent from September 2018 to October 2018.
The month-on-month food and non-alcoholic beverages inflation rate stood at 20,12 percent in October 2018, gaining 19,07 percentage points on the September 2018 rate of 1,05 percent. The month-on-month non-food inflation rate stood at 14,66 percent, gaining 13,81 percentage points on the September 2018 rate of 0,85 percent.
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