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Food prices ‘increase slowly’ as inflation steadies at 11-year high

Food prices ‘increase slowly’ as inflation steadies at 11-year high
August 31
11:33 2016

The Consumer Price Index (CPI), which measures inflation, rose by 0.6 percent in July to stay steady within its 11-year record attained in June, 2016.

According to the National Bureau of Statistics (NBS), food prices increased at a slower pace than in previous months of the year 2016.

“In July the Consumer Price Index (CPI) which measures inflation increased by 17.1% (year-on-year), 0.6% points higher from the rate recorded in June (16.5%),” NBS said in its monthly CPI report released on Wednesday.

“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; Health, Transport, and Recreation & Culture divisions.

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“The onset of the harvest season is yet to have a significant impact on food prices as the Food Sub-index increased by 15.8% (year-on-year) in July, 0.5% points lower from rates recorded in June.

“Prices however increased at a slower pace across a few groups within the Food sub-index namely Milk, Cheese and Eggs; Oils and Fats; and Fruits. In addition, imported foods as reflected by the Imported Food Sub-index increased by 0.4% points from June to 20.5% in July.”

Energy prices were responsible for a rise in inflation recorded in July, the NBS added.

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“Energy and energy related prices continue to be the largest increases reflected in the Core sub-index. In July, the Core sub-index increased by 16.9% during the month, up by 0.7% points from rates recorded in June (16.2%).

“During the month, the highest increases were seen in the Electricity, Liquid Fuel (kerosene), Solid Fuels, and ‘Fuels and Lubricants for Personal Transport Equipment’ groups. Month-on-month, the Headline index increased albeit, at a slower pace for the second consecutive month in July. The index increased by 1.3% in July, 0.4% points from 1.7% recorded in June.”

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