The year on year inflation rate (annual percentage change) for the month of September 2013 as measured by the all items Consumer Price Index (CPI) stood at 0.86 percent, shedding 0.42 percentage points on the August 2013 rate of 1.28 percent.
This means that prices as measured by the all items CPI increased by an average of 0.86 percentage points between September 2012 and September 2013.
- The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year.
The year on year Food and Non Alcoholic beverages inflation prone to transitory shocks stood at -0.32 percent whilst Non-food inflation rate was at 1.45 percent.
The month on month inflation rate in September 2013 was 0.05 percent gaining 0.20 percentage points on the August 2013 rate of -0.15 percent.
This means that prices as measured by the all items CPI increased at an average rate of 0.05 percent from August 2013 to September 2013.
- The month-on-month inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year.
The month on month Food and Non Alcoholic Beverages inflation stood at -0.18 percent in September 2013, gaining 0.72 percentage points on the August 2013 rate of -0.90 percent. The month on month non-food inflation stood as 0.17 percent, shedding 0.06 percentage points on the August 2013 rate of 0.23 percent.
The CPI for the month ending September 2013 stood at 100.33 compared to 100.28 in August 2013 and 99.48 in September 2012.
THE NEW CONSUMER PRICE INDEX
With effect from January 2013 ZIMSTAT is publishing the new Consumer Price Index (CPI) with new weights and a new classification in accordance with international guidelines. The use of a new classification of Individual Consumption by Purpose (COICOP) resulted in the creation of new classification which resulted in coming up with 83 classes, 41 groups and 12 divisions while in the old classification there were 68 subgroups and 12 major groups. The number of items in the CPI basket has also been increased from 428 to 495.
Due to the reclassification that has been done, the sub-groups and major groups have been substituted by classes, groups and divisions. The implementation of the COICOP classification is also part of the harmonization project of Consumer Price Indices in the different regions like the SADC region. All member states are supposed to adopt the new procedure to enable inter country comparisons of the CPI and the rate of inflation.
The indices prior to January 2013 were referenced to December 2012 = 100. The rates of inflation remain the same under different weight regimes as the relative magnitude of indices is maintained. The new weights are therefore applicable from January 2013 onwards.
LINKING THE 2008 =100 WITH THE 2012 =100 BASE AT ALL ITEMS LEVEL
Users who wish to continue using old series (the Dec 2008=100 base) are advised to multiply the current all items index with a new base of (Dec 2012=100) by a conversion factor of 1.0290211. For instance if ZIMSTAT had continued with the old base (2008=100), the September 2013 all items CPI was going to be 103.342
Source: Zimbabwe National Statistics Agency