COMESA Records Annual Inflation Rate at 21.8% in July 2019

The COMESA region has recorded a 1.3% increase in the year-on-year inflation rate due to the escalation in prices of goods and services. This has been measured by the Harmonized Consumer Price Index (HCPI-COMESA) indicating an upsurge from 20.5% recorded in June 2018 to 21.8% in July 2019. However, this figure is a drop from the 22.5 percent recorded the same time the year earlier.

According to the HCPI-COMESA monthly news release issued in Lusaka, the month-on-month inflation rate in the region stood at 3. 9% for the month of July 2019, up from 2.3% registered in June 2019. It was 2.9% in July 2018.

The HCPI-COMESA comprises of twelve 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 & non-alcoholic beverages, alcoholic beverages and 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.

Participating Member States that contribute to HCPI-COMESA registered the following rates of total inflation in July 2019 compared to July 2018:-

Burundi(+1.8%); Democratic Republic of Congo (+4.1%); Djibouti (+6.8%); Egypt (+9.2%); Ethiopia (+11.7%); Kenya(+6.0%); Madagascar (+4.8%); Malawi (+9.6%); Mauritius(+2.1%); Rwanda (+1.7%); Seychelles (+1.5%); Sudan (+54.3%); Eswatini (+1.9%); Uganda (+2.6%); Zambia (+10.5%); and Zimbabwe (+257.2%).