COMESA region annual inflation slows to 23.2% in June
Inflation in the Common Market for Eastern and Southern Africa (COMESA) eased slightly in June but remained at a lofty 23.2%, regional data showed Tuesday.
The year-on-year, inflation rate, measured by the Harmonized Consumer Price Index (HCPI-COMESA) registered 23.7% in May.
A year earlier, the rate was 29.2%. The month-on-month inflation rate in the COMESA region as measured by HCPI-COMESA stood at -0.7% for the month of June 2024, up from -0.4% registered in May 2024. It was 1.1% in June 2023.
HCPI-COMESA comprises twelve divisions of expenditure. These divisions registered the following average price changes during the month of June 2024 compared with June 2023. Food & Non-alcoholic Beverages (+24.5%); Alcoholic Beverages and Tobacco (+99.6%); Clothing and Footwear (+15.2%); Housing, Water, Electricity, Gas and Other Fuels (+12.1%); Furnishings, Household Equipment and Routine Household Maintenance (+22.7%); Health (+24.3%); Transport (+14.4%); Communication (+13.4%); Recreation and Culture (+15.1%); Education (+11.0%); Restaurants and Hotels (+15.2%); and Miscellaneous Goods and Services (+18.9%).
With the COMESA-HCPI annual inflation rate pegged at (+23.2%) in June 2024, Malawi, Ethiopia, and Egypt had higher rates of annual inflation relative to the regional inflation rate. The rest of the participating member states had annual inflation rates below the regional average of (+24.2%) with the Seychelles recording the least annual rate at (+2.7%).
Based on the main components of expenditure the Alcoholic Beverages and Tobacco division registered the highest annual inflation rate of (+99.6%) whilst the Education division registered the lowest average price change of (+11.0%).
As measured by HCPI-COMESA, the COMESA region’s year-on-year inflation rate stood at (+23.2%) in June 2024. It means that the prices of goods and services as measured by HCPI-COMESA increased by an average of (+23.2%) in the COMESA region between June 2023 and June 2024. Using a particular or common currency, an item that cost an average of 100.00 cents in June 2023 increased to 123.20 cents in June 2024.