Zimbabwe Inflation Hits 782 Per Cent Mark
Posted on: Saturday, 11 March 2006, 09:00 CST
Text of report by Zimbabwean radio website on 10 March
The year on year rate of inflation for the month of February 2006 has reached an all time high of 782 per cent representing an increase of 168.8 percentage points on the January rate of inflation.
The latest increase in the rate of inflation from 613 percentage points to 782 per cent means that on average goods and services normally purchased by households for use in Zimbabwe were eight times as expensive in February 2006 as they had been twelve months before.
Acting Director of Central Statistics Office Mr Moffat Nyoni said the month on month inflation rate of inflation rose by 8.9 percentage points from the January figure of 18.6 per cent to stand at 27.5 percentage points.
The food poverty line for an average of five persons in Zimbabwe stood at 9, 070, 900 Zimbabwe dollars, representing an increase of 16.27 percentage points to the January figure.
The Total Consumption Poverty Line for an average of five persons stood at 25, 533, 200 Zimbabwe dollars increasing by 27.38 percentage points on the January figure of 20, 045, 100 Zimbabwe dollars.
The total consumption poverty line for an average household in February 2006 calculated from the country's ten provinces ranged from 22,574, 000 Zimbabwe dollars in Masvingo Province to 28, 666, 900 Zimbabwe dollars in Manicaland Province.
According to Mr Moffat Nyoni, the major drivers of inflation were rent, postal services and hairdressing salons. Mr Nyoni noted that increases were also recorded in food and non-alcoholic beverages.
However, the Central Bank governor, Dr Gideon Gono, is optimistic that the rate of inflation will ease to below 200 per cent by the end of the year.
In his recent monetary policy review statement, Dr Gono said inflation will peak to about 800 per cent in March, but start dropping in April owing mainly to reduced food imports due to an anticipated bumper harvest.
Source: BBC Monitoring Africa
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