Comesa records increase in inflation

20 Sep, 2019 - 00:09 0 Views
Comesa records increase in inflation

The Chronicle

Business Reporter

THE Common Market for Eastern and Southern Africa (Comesa) region has recorded a 1,3 percentage points increase in year-on-year inflation due to the escalation in prices of goods and services.

In a statement, Comesa said the inflation rate in the region has been measured by the Harmonised Consumer Price Index (HCPI-Comesa) indicating an upsurge from 20,5 percent recorded in July 2018 to 21,8 percent in July 2019. 

“However, this figure is a drop from the 22,5 percent recorded the same time the year earlier,” said Comesa.

According to the HCPI-Comesa monthly news release issued in Lusaka, Zambia, the month-on-month inflation rate in the region stood at 3,9 percent for the month of July 2019, up from 2,3 percent registered in June 2019.

“It was 2,9 percent in July 2018,” it said.

The HCPI-Comesa comprises 12 divisions of expenditure. 

“These divisions registered the following average price changes during the month of July 2019 compared with July 2018.”

Some of the items that necessitated the increase include food and non-alcoholic beverages, alcoholic beverages, tobacco, clothing and footwear; housing, water, electricity, gas and other fuels. Furnishings, household equipment and routine household maintenance, health, transport, communication, recreation and culture, education, restaurants and hotels, miscellaneous goods and services also contributed to the rise in the figure, said Comesa.

Participating member States that contribute to HCPI-Comesa include Zimbabwe, Zambia, Burundi, Democratic Republic of Congo, Mauritius, Ethiopia, Rwanda, Malawi, Uganda, Djibouti, Seychelles and Ethiopia.

The Comesa bloc is made up of 21 African countries. 

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