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Consumer
Price Index (2001=100) - April 2006
Central
Statistical Office (CSO)
May 19, 2006
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the April CPI Time Series
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The
year on year inflation rate (annual percentage change) for
the month of April 2006 as measured by the all items Consumer Price
Index (CPI) stood at 1042.9 percent, gaining 129.3 percentage points
on the March rate of 913.6 percent.
This means that
prices as measured by the all items CPI increased by an average of
1042.9 percent between April 2005 and April 2006.
- The year-on-year
inflation rate is given by the percentage change in the index
of the relevant month of the current year compared with the index
of the same month in the previous year.
Food and Non Alcoholic
beverages inflation prone to transitory shocks stood at 1101.8 percent
whilst Non-food inflation stood at 1016.1 percent. The month on month
inflation rate (monthly percentage change) in April 2006 was 21.1
percent gaining 1.3 percentage points on the March 2006 rate of 19.8
percent.
This means that
prices as measured by the all items CPI increased by an average of
21.1 percent from March 2006 to April 2006.
- The month-on-month
inflation rate is given by the percentage change in the index
of the relevant month of the current year compared with the index
of the previous month in the current year.
The
month on month Food and Non Alcoholic Beverages inflation stood
at 27.9 percent in April 2006. The month on month non-food inflation
stood at 17.7 percent shedding 3.6 percentage points on the March
2006 rate of 21.3 percent.
The CPI for the
month ending April 2006 stood at 105734.3 compared to 87337.5 in March
2006 and 9251.2 in April 2005.
- The direction
and magnitude of the rate of change in year on year inflation
for a relevant month depends on how both the numerator and the
denominator (the base) change during the same month in the current
and the previous year.
The change in average
price of the basket from March 2006 to April 2006 was higher (21.1%)
as measured by the change in the price index, than the change in average
price of the same basket from March 2005 to April 2005 (7.4%). That
explains the rise in year on year inflation in April 2006.
The new Consumer Price Index
With effect from June 2005, the CSO is publishing the new Consumer
Price Index (CPI) with new weights and a new classification in accordance
with international guidelines. The shift to a new classification of
Individual Consumption by Purpose (COICOP) has resulted in the increase
in the number of sub-groups from 34 to 68 and the number of major
groups has increased from 10 to 12. The number of items in the CPI
basket has also been increased from 337 to 428.As a result, the CPI
has become more disaggregated. However, in the short term there would
be lack of direct comparison of certain sub-indices for which monthly
and annual comparison should be achieved in July 2005 and June 2006,
respectively.
Due
to the reclassification that has been done, some new sub-groups
were created by moving individual items from one sub-group to another
sub-group. For instance, the major group "Transport and Communication"
in the previous classification was split into "Transport"
and "Communication" major groups under
the new set up. A totally new major group called "Restaurants,
Cafes and Hotels" was created.
The implementation
of the COICOP classification is also part of the harmonisation project
of Consumer Price Indices in different regions like the SADC region.
All member states are supposed to adopt the new procedure to enable
inter country comparisons of the CPI and the rate of inflation. The
indices prior to June 2005 were all re-referenced to 2001=100. In
principle, these indices do not aggregate. However, the rates of inflation
remain the same under different weight regimes as the relative magnitude
of indices is maintained. The new weights are therefore applicable
from June 2005 onwards.
Linking
the 1995=100 with the 2001=100 base at all items level
Users who wish to continue using the old series (the 1995=100
base) are advised to divide the current all items index with a new
base of (2001=100) by a conversion factor of 0.12384622. For instance
if the CSO had continued with the old base (1995=100), the June
2005 all items CPI was going to be 99 754.35.For instance the July
2005 CPI at 1995 prices is 146599.5.
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April CPI Time Series
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