HARARE Zimbabwe's monthly inflation has increased to one percent after gaining 0.4 percentage points on the June rate, the governments Central Statistical Office (CSO) said on Wednesday. (Pictured: Finance Minister Tendai Biti)The CSO attributed the increase in monthly inflation to rising costs of fuel, lubricants and transport. “The month-on-month inflation rate (monthly percentage change) in July 2009 was 1.0 percent, gaining 0.4 percentage points on the June rate of 0.6 percent,” the CSO said in a statement.
“The month-on-month food and non-food alcoholic beverages inflation stood at 0.23 percent in July 2009, gaining 1.49 percentage points on the June rate of -1.26 percentage points. “The month-on-month non-food inflation stood at 1.33 percent shedding 0.12 percentage points on the June rate of 1.45 percent.” During the month under review, the Consumer Price Index was 91.3 compared to 90.4 in June.
Zimbabwe calculates inflation in US dollars after it suspended its own currency that had become worthless after nearly decade of acute recession and hyperinflation.
President Robert Mugabe and Prime Minister Morgan Tsvangirais power-sharing government has prioritised rebuilding Zimbabwes shattered economy, since taking office last February.
According to Finance Minister Tendai Biti, Zimbabwe is this year expecting to register its first positive economic growth after recording years of decline. Government also expects the economy to register double digit growth rates next year.
Post published in: Agriculture