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National inflation breaches 70% in August

22 September 2022 07:46 am - 4     - {{hitsCtrl.values.hits}}

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  • Soaring food prices and electricity price revisions hit consumers hard 

The national index of consumer prices for August notched above 70 percent, as the sharp electricity tariff revision, which came into effect from the start of the month, hit the consumer wallets hard on top of the soaring food prices. 

According to the National Consumer Price Index (NCPI), which measures how much people spend on a selected basket of goods and services, surged to 70.2 percent in August on a year-on-year basis, accelerating from 66.7 percent through July.

However, the monthly prices decelerated to 2.5 percent, from 5.6 percent in July, in a potential sign of peak inflation. 

Another round of price increases could come from the 15 percent Value Added Tax and 2.5 percent Social Security Contribution Levy, which according to tax experts, could raise the prices by at least 22 percent, due to the cascading effect of the latter when both taxes are taken together. 

The Central Bank expressed hope in August that the prices could peak in September before starting to ease thereafter, based on its inflation forecasts, provided the global commodities prices do not offer any shocks. 

In recent times, the global oil prices have retreated from their highs reached in the immediate aftermath of the Ukraine-Russia war, due to the mounting concerns of a global economic slowdown in response to the synchronised monetary tightening by the global central banks. 

Meanwhile, the food prices rose by 84.6 percent, compared to 82.5 percent in July while the changes in prices measured monthly decelerated to 1.7 percent, from 4.6 percent in July. 

The non-food inflation surged by 57.1 percent in August, accelerating from 52.4 percent in July amid a sharp upward hike in electricity tariffs. The monthly price increase however eased to 3.2 percent, from 6.7 percent in July. 

The so-called core prices measured barring the often-volatile items such as food, energy and transport accelerated in August to 60.5 percent, from 57.3 percent in July.  


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  Comments - 4

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  • Jude Thursday, 22 September 2022 08:27 AM

    I reiterate, soon people will need a wheelbarrow to carry the Money to Buy groceries!!! Yeah!!

    Jef Thursday, 22 September 2022 09:22 AM

    Government need to focus on alternative steps to prevent humanity things are getting bad to worse day by day due to extremely high cost of living in every category if continues without any frame work done to help majority that need desperately help it would bring catastrophe in humans life

    Sokrates Thursday, 22 September 2022 09:53 AM

    All the fancy calculations and wishful thinking of the central bank are only there to mislead the population. According to Johns Hopkins University, the inflation rate is over 150%. It should also be noted that the National Consumer Price Index basket of goods does not apply to the poorer segment of the population. The goods for this class of the population, such as vegetables, bread and other groceries have an inflation rate of up to 300 percent. More than Zimbabwe. How long will it be before the people sweep these chicken shagging subhuman politicians out of office.

    Roshanaly Thursday, 22 September 2022 02:41 PM

    Its look like Basil is much better than present President.


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