The annual inflation rate for the month of September 2020 increased to 81.9% up from 23.4% recorded in the same month last year. This means that prices of goods and services in the participating Member States went up..
According to the latest Harmonized Consumer Price Index (HCPI) which measures inflation rate in the COMESA region, using a particular or common currency, an item that cost an average of 100.00 cents in September 2019 increased to 181.60 cents in September 2020.
The HCPI-COMESA comprises 12 divisions of expenditure in food and non-alcoholic beverages, alcoholic beverages and tobacco, clothing and footwear, housing, water, electricity, gas and other fuels, furnishing household equipment, communication, recreation and culture, education, restaurants and hotels, miscellaneous goods and services.
Based on the main components of expenditure, communication recorded the highest annual inflation rate of +137.8% whilst education stood at +51.5%.
Zimbabwe recorded the highest year on year inflation rate followed by Sudan whilst Djibouti recorded the least.
COMESA countries that contribute to the HCPI-COMESA are Burundi, Democratic Republic of Congo, Djibouti, Egypt, Eswatini, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Tunisia, Uganda, Zambia and Zimbabwe.