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Friday, 26 September 2008

Inflation Statistics - September 2008

The CSO September Press Release can be found here. Inflation was recorded at 14.2 percent as at September 2008. This rate is 1.0 percentage point higher than the August rate of 13.2 percent. Compared with the same period last year, the annual rate of inflation increased by 4.9 percentage points, from 9.3 percent in September 2007 to 14.2 percent in September 2008.

The September 2008 inflation rate of 14.2 percent means that prices as measured by the all items Consumer Price Index (CPI) increased by an average of 14.2 percent between September 2007 and September 2008.

Contributions of the different Items to overall Inflation

The increase of 1.0 percentage point in the annual inflation rate from 13.2 percent in August 2008 to 14.2 percent in September 2008 was due to the increase in the cost of transport (fuel, air fares, and new motor vehicles), rent and household energy, furniture and household goods.
Of the total 14.2 percent annual inflation in September 2008, food products accounted for 7.8 percentage points while non-food products in the Consumer Price Index (CPI) accounted for a total of 6.4 percentage points.

The annual food inflation rate

The annual food inflation rate was recorded at 16.2 percent in September 2008, down from 16.3 percent in August 2008. Contributing most to food inflation were increases in the cost of maize meal, maize grain, other cereals and cereal products, kapenta, and processed food products. Partially offsetting these increases were declines in the cost of fresh vegetables, meat, sugar and dried beans.

The annual non-food inflation rate

The annual non-food inflation rate was recorded at 12.4 percent in September 2008, down from 10.4 percent in August 2008. Regarding disaggregated groups, the annual inflation rates increased for rent and household energy, transport and communication, recreation and education, and declined for clothing and footwear, furniture and household goods, medical care, goods and services.

Retail prices of selected items

A comparison of retail prices between August 2008 and September 2008, shows that the national average price of a 25 kg bag of roller meal increased by 5.8 percent, from K38,370 to K40,577. The national average price of a 20 litre tin of maize grain increased by 6.2 percent, from K18,565 to K19,719. The national average price of 1kg of dried kapenta (Siavonga) rose by 3.9 percent, while the national average price of 1kg of tomatoes declined by 8.4 percent.

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