HARARE Zimbabwes annual inflation increased six-fold, from 0,7 per cent to 3,5 per cent due to food price increases. (Pictured: The country dumped its worthless Zimdollar in favour of multiple currencies.)
The Central Statistical Office (CSO) said in a statement: Prices as measured by the all-items Consumer Price Index increased by an average 3.5 percent between March 2009 and March 2010. The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 1.23 percent in March while non-food inflation stood at 4.55 percent.
Finance Minister Tendai Biti blamed the rising food prices on speculation, which he said was creating inflationary pressure.
Zimbabwes month on month inflation has been on a downward trend since the government switched to the use of multiple currencies last year and dumped its worthless Zimbabwe dollar.
Meanwhile the equities market closed on a bullish trend last week, largely driven by a surge in the prices of heavy weight counters.
The industrial index opened the week 0.35 percent firmer to close at 131.41 points.
On Monday the mining index went up 1.71 points to close at 177.13 points after mining giant RioZim added 5 cents to close at 285 cents while BNC, Falgold and Hwange were unchanged
By Thursday turnover jumped 78 percent from Monday as the bourse continued its bullish trend.
A total US$1,933,413.66 worth of shares went under the hummer on Thursday. The industrial index rose 0.61 percent to 132.21 points.
Art Holdings added US0.1c (3%) to US3c while Econet Wireless Holdings rose US10c to US460c on the back of the announcement that upgrading of its network is progressing well.
The Mining Index was steady at 177.13 points as resource stocks traded unchanged today. Nickel Miner, Bindura Corporation traded at US16c whilst gold and diamond miner Rio Zimbabwe changed hands at US285c.
Post published in: Agriculture