Zim inflation among lowest in COMESA

Harare – Zimbabwe’s annual rate of inflation has remained among the lowest in the Common Market for Eastern and Southern Africa and Southern African Development Community regions, according to a harmonised index for the two blocs.

The Harmonised Consumer Price Indices (HCPI) figures show that as at June 30, in the COMESA region, Mauritius had the lowest inflation rate at 2.7 percent, closely followed by Zimbabwe at 2.8 percent.

In SADC, Mozambique had the lowest inflation at 2.1 percent, while Malawi had the highest inflation rate at 18.9 percent during the period under review.

The HCPI’s figures, however, hide a wide range of inflation rates for individual countries.

For instance, Zimbabwe’s annual inflation rate for the period under review stood at 3.97 percent having declined from 4.02 percent in the previous month.

The COMESA Secretariat produces the index in conjunction with the SADC Secretariat.

Overall, inflation edged up to an annual rate of 12.1 percent in COMESA countries in June compared to an annual rate of 11.6 percent in May, the figures show.

For SADC countries, the annual rate eased to 7.5 percent in June compared with 7.8 percent in May.

The HCPI is collaborative work between COMESA, SADC, the African Development Bank (AfDB) and the European Union, which has been providing financial support for the development of the HCPI in the COMESA region.

Zimbabwe’s inflation rate currently stands at 3.24 percent and is largely projected to remain within the 5 percent targeted range band in the outlook period.

November 2012
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