Published: Thu, November 16, 2017
Money | By Armando Alvarado

Annual inflation hits 2,24pc in October

Annual inflation hits 2,24pc in October

The report said this development represented the fifth consecutive month-on-month contraction in headline inflation since May 2017.

The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the index dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October. Today's October CPI report, showing a 0.2% monthly increase in core prices, reinforces this view.

The October rise in the US core inflation support the signal from our BlackRock Inflation GPS that underlying prices are bottoming out around the current annual rate of 1.8% and should be back at 2% in early 2018.

This means that prices as measured by the all items CPI increased by an average rate of 2,24% between October 2016 and October 2017, statistical body ZimStats said yesterday.

According to the NBS, the headline inflation dropped by 0.07 per cent from last month as a result of a marginal drop in the average prices of food across the country, despite a slight upward shift of core inflation.

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Similarly, rural index rose to 15.67%, equalling a 0.72% increase month-on-month from September's value of 0.74. The measure has been rising since December a year ago.

On the average headline year on year inflation for the next five months, June to October, of the year likewise stood at 16.01 per cent.

"The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish", the statistics office said in its report.

But prices of fresh fruit decreased by 1.1 percent, and furniture and household equipment down by 0.6 percent from September.

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