The year on year, inflation rate (annual percentage change) in the COMESA region as measured by the Harmonized Consumer Price Index (HCPI-COMESA) stood at 27.9% for the month of June 2023, down from 35.4% registered in May 2023. A year earlier, the rate was 142.9%.
Further, the month-on-month inflation rate in the COMESA region as measured by the same index stood at 3.5% for the month of June 2023, up from 0.7% registered in May 2023. On year ago, in June 2022, it was 9.6 %.
HCPI-COMESA index comprises of twelve divisions of expenditure. They include food & non-alcoholic beverages; alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; furnishings; household equipment and routine household maintenance; health; transport; communication; recreation and culture; education; restaurants and hotels; and miscellaneous goods and services. These divisions registered varied average price changes during the month of June 2023 compared with June 2022.
Housing, water, electricity, gas and other fuels registered the highest annual inflation rate of +131.3% whilst the clothing and footwear division registered the least average price change of +7.4%).
On the Member States inflation rate performance, Seychelles recorded the least average change of -0.3% while Zimbabwe recorded the highest year-on-year inflation at +154.1% during the same period. Seventeen out of the 21 Member States participate and contribute to HCPI-COMESA.