November inflation sheds 0,64 percentage points

THE month-on-month inflation rate for November 2021 stood at 5,76 percent after shedding 0,64 percentage points on the October 2021 rate of 6,40 percent, according to the Zimbabwe National Statistics Agency (ZimStat).

“This means that prices as measured by the all-items Consumer Price Index (CPI) increased by an average rate of 5,76 percent from October 2021 to November 2021,” said the agency in a latest

update.
“The CPI for the month ending November 2021 stood at 3,760.86 compared to 3,555.90 in October 2021 and 2,374.24 in November 2020.”

ZimStat explained that the month-on-month inflation rate was derived from the percentage change in the index of the relevant month of the current year compared with the index of the previous month in the current year.

According to the report, the month-on-month food and non-alcoholic beverages inflation rate stood at 6,51 percent in November 2021, shedding 1,05 percentage points on the October 2021 rate of 7,56 percent.

The agency said the month-on-month non-food inflation rate stood at 5,21 percent, shedding 0,35 percentage points on the October 2021 rate of 5,56 percent.

Meanwhile, the year-on-year inflation rate (annual percentage change) for the month of November 2021 as measured by the all-items Consumer Price Index (CPI) stood at 58,4 percent, said the agency.

“This means that prices as measured by the all-items CPI increased by an average of 58,4 percent between November 2020 and November 2021,” it said.

ZimStat said data on prices was collected from 11 to 17 November 2021 hence the changes in prices in its latest report reflect that period of data collection.

On Thursday Finance and Economic Development Minister Mthuli Ncube revised upwards the year-end inflation target to between 52 and 58 percent citing recent inflationary pressures.

Minister Ncube had earlier this year predicted inflation to close the year between 25 and 35 percent after the rate registered a rapid decline this year to hit a two-year low of 50,2 percent in August.

The 25-35 percent range projection was itself a revised target of the initial forecast authorities had made in the year; that the inflation would fall below 10 percent by December 2021. – The Chronicle