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Consumer
Price Index (2001=100) - March 2007
Central Statistical
Office (CSO)
May 02,
2007
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the March CPI Time Series
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The year on
year inflation rate (annual percentage change) for the month
of March 2007 as measured by the all items Consumer Price Index
(CPI) stood at 2200.2 percent, gaining 470.3 percentage points on
the February rate of 1729.9 percent.
This means that
prices as measured by the all items CPI increased by an average
of 2200.2 percent between March 2006 and March 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
2333.7 percent whilst Non-food inflation stood at 2134.6 percent.
The month on
month inflation rate (monthly percentage change) in March 2007 was
50.5 percent gaining 12.7 percentage points on the February 2007
rate of 37.8 percent.
This means that
prices as measured by the all items CPI increased by an average
of 50.5 percent from February 2007 to March 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 47.5 percent
in March 2007. The month on month non-food inflation stood at 52.2
percent gaining 14.1 percentage points on the February 2007 rate
of 38.1 percent.
The CPI for
the month ending March 2007 stood at 2008932.1 compared to 1334521.7
in February 2007 and 87337.5 in March 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 February 2007 to March 2007 was
higher (50.5%) as measured by the change in the price index, than
the change in average price of the same basket from February 2006
to March 2006 (19.8%). That explains the rise in year on year inflation
in March 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.
Download
March CPI Time Series
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