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Consumer
Price Index (2001=100) - January 2007
Central Statistical
Office (CSO)
February
12, 2007
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the January CPI Time Series
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The year on year
inflation rate (annual percentage change) for the month of
January 2007 as measured by the all items Consumer Price Index (CPI)
stood at 1593.6 percent, gaining 312.5 percentage points on the December
rate of 1281.1 percent.
This means that prices as
measured by the all items CPI increased by an average of 1593.6
percent between January 2006 and January 2007.
- 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
1455.9 percent whilst Non-food inflation stood at 1681.3 percent.
The month on month inflation rate (monthly percentage change) in
January 2007 was 45.4 percent gaining 9.1 percentage points on the
December 2006 rate of 36.3 percent. This means that prices as measured
by the all items CPI increased by an average of 45.4 percent from
December 2006 to January 2007.
- 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 40.8 percent in January 2007. The month on month non-food inflation
stood at 48.2 percent gaining 14.6 percentage points on the December
2006 rate of 33.6 percent.
The
CPI for the month ending January 2007 stood at 968338.9 compared
to 665774.1 in
December
2006 and 57175.6 in January 2006.
- 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 December 2006 to January 2007 was
higher (45.4%) as measured by the change in the price index, than
the change in average price of the same basket from December 2005
to January 2006 (18.6%). That explains the rise in year on year
inflation in January 2007.
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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January CPI Time Series
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