Finance & EconomyNews

Inflation Increases By 14.23% YoY

The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the twelve months period ending October 2020 over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22 percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29 percent in October 2020. This is higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.

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