Published: 18 March 2014

Zimbabwe is remodeling the consumer price index in line with regional practices in a bid to increase regional integration.

The new consumer price index will have new weights and a new classification determined by the same statistical frameworks among SADC member states.

The Zimbabwe statistical agency, Zimstat, said this had resulted in the creation of 83 classes, 41 groups and 12 divisions from 68 subgroups and 12 major groups that were previously used.

The number of items in the CPI basket also increases from 428 to 495.

"The implementation of the COICOP classification is also part of the harmonisation project of Consumer Price Indices in different regions like the Southern African Development Community," Zimstat said.

Member states are expected to adopt the new procedure to enable inter-country comparisons of the CPI and rate of inflation.

The SADC Secretariat has been implementing the Harmonised Consumer Price Index (HCPI) since August 2011 based on national HCPIs of member states.

The main aim of the HCPI process is to produce Consumer Price Indices (CPIs) among members. The index is useful for monitoring progress towards attainment of goals and targets for economic convergence in the SADC region.
- bh24

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