Inflation slows to 0.31% in June

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The June inflation rate took a huge retreat, shedding 0.43 percent, to land at 0.31 percent. Inflation was last that low between March and April 2017. In the month of May, inflation was 0.75 percent. The main pullers of inflation were oil and fats (-1.22%), actual rentals (-7.95) fruit (-2.83%), sugar, jam, honey, chocolate and confectionery (-0.70) and beer (-0.39%). Among other items that pushed inflation downwards were clothing (-1.15%), garments (-1.28), gas (-0.49), spare parts (-3.32), household appliances (-1.64).The upward pressure on inflation was dominated by food items such as bread and cereals (2.56%), meat (1.89%), fish and sea food (3.89%), milk, cheese and eggs (1.6%%), sewage collection (5.2%) among others. Month-on-month inflation rate also declined to sub-zero, to -0.24 percent, shedding 0.27 percent. – Financial Express (Online)

George Manyere, the former Brainworks Capital chief executive has re-emerged in the investment finance field as the controlling shareholder of Johannesburg Stock Exchange listed Ecsponent group. Ecsponent is an investment services group with multiple subsidiaries and a footprint across South Africa, Botswana, Swaziland, Zambia and Namibia. Manyere through Mason Alexander first acquired almost 35 percent from Ecsponent Capital in September last year and increased it by 12.6 percent after it underwrote R20.3 million rights issue. – The Herald, 18 July 17

The Zimbabwe Stock Exchange could this year register its second  initial public offering listing since dollarization while three more companies are eyeing listing on the debt market. Of the four prospective listings, two have submitted applications, which are under consideration. The proposals at hand intend to raise about $10 million. Of the $10 million, $& million will be raised through listing of debt instruments while $3 million will be raised from an IPO. ZSE chief executive Martin Matanda confirmed that four companies had expressed interest to list on the ZSE.  – The Herald, 18 July 17

Government is set to inject more bond notes into the system in what is likely to significantly ease cash crisis with negotiations for a top up of the initial $200 million facility now at an advanced stage. Without disclosing the figure being negotiated for RBZ governor John Mangudya said that the plan to top up the initial $200 million facility that backs the surrogate currency was definitely in the pipeline. – Daily News, 18 July 17

Government is moving to scrap off a five percent tax presently being levied on Point of sale and electronic transactions, as efforts to promote the use of cash-lite payments are intensified, said Acting Finance minister Joseph Made. He said the move was in line with a government position to review electronic transactional fees downwards to promote electronic transactions and relieve demand on scarce cash reserves. – Daily News, 18 July 17

By |July 18th, 2017|Categories: Headlines|

About the Author:

Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.