THE Zimbabwe National Chamber of Commerce (ZNCC) has joined the growing chorus of criticism of Zimbabwe’s recently adopted blended Consumer Price Index (CPI), saying the new inflation baseline distorts market realities.
This comes as the Confederation of Zimbabwe Industries (CZI) has resorted to producing its own inflation estimates as an alternative to official figures, which it now believes to be inadequate because of the new measure.
The government switched to a blended CPI earlier this year, abandoning a ZWL CPI that had served as the official baseline since 2019.
According to the chief executive of ZNCC, Chris Mugaga, the inflation figures obtained through the blended index are far off the mark and do not reflect the “hyperinflation” that Zimbabweans face on a weekly basis in Zim dollar terms.
Christopher Mugaga, the ZNCC chief executive officer.
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