Inflation rate eases to 4.5%
Isaac Pinielo | Thursday October 16, 2014 15:04
The statistical agency attributed the reduction to the slow growth realised in prices of commodities in the major groups such as food and transport, which dropped by 2.8 and 2.1 percent respectively in the 12 months period.
Briefing media on Wednesday, principal statistician, Ketso Makhumalo, said the food inflation rate went down to 2.6 percent in September 2014 against a 4.7 percent rate recorded in September 2013.
“All food sections’ inflation rates recorded decreases between September 2013 and September 2014,” she said.
Makhumalo also pointed out that the inflation rates for regions between August and September, indicated that cities and towns went down to 4.3 from 4.5 percent, urban villages decreased to 4.4 from 4.5 percent, while rural villages’ remained unchanged at 5 percent. She further revealed that the September national Consumer Price Index registered an increase of 0.2 percent, advancing from 177.5 in August to 177.8 in September.
The rural villages’ index moved from 182.7 to 183.5, recording an increase of 0.4 percent. The urban villages’ index rose by 0.2 percent, from 176.3 to 176.6, while the cities and towns’ index advanced by 0.1 percent, from 176.3 to 176.4 between the two months.
Group indices were stable between August and September, recording changes of less than 1.0 percent.
The statistician noted that the Furnishing, Household Equipment & Routine Maintenance group index registered an increase of 0.6 percent, from 177.0 in August to 178.1 in September. The increase was attributed to the increase in the section indices, notably Goods & Services for Household Maintenance (0.8 percent) and Furniture & Furnishing (0.7 percent).
The Clothing and Footwear group index upped from 162.3 to 163.1, registering an increase of 0.5 percent between August and September. The increase was attributed to the general increase in the section indices especially clothing which increase by 0.7 percent. The Central Bank, in its September monetary policy report, stated that medium-term outlook for price stability remains positive, with forecasts suggesting that inflation would remain within the 3 to 6 percent objective range.