August 2017 Inflation Report

The Consumer Price Index (CPI) which measures inflation increased by 16.01 percent (year-on-year) in August 2017. This was 0.04 percent points lower than the rate recorded in July (16.05) percent making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.

Increases were recorded in all COICOP divisions that yield the Headline Index. On a month-on-month basis, the Headline index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.

The percentage change in the average composite CPI for the twelve-month period ending in August 2017 over the average of the CPI for the previous twelve-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017.

The Urban index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from 16.04 percent recorded in July, and the Rural index increased by 15.91 percent in August from 16.08 percent in July. On month-on-month basis, the urban index rose by 0.99 percent in August 2017, down by 0.26 percent point from 1.25 percent recorded in July, while the rural index rose by 0.95 percent in August 2017, down by 0.23 percent point from 1.18 percent in July.

Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25 percent (year-on-year) in July, down marginally by 0.03 percent points from the rate recorded in July (20.28 percent). The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa. On a month-on-month basis, the Food sub-index increased by 1.14 percent in July, down by 0.38 percent points from 1.52 percent recorded in July.

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