ZIMBABWE’s consumer inflation declined to 2, 99 percent in November, from 3, 38 percent the previous month, the statistics agency said Monday.

This means that prices as measured by the all items CPI increased by increased by an average of 2, 99 percentage points between November 2011 and November 2012.

“Year-on-year inflation, as measured by the all items Consumer Price Index (CPI) stood at 2,99 percent, shedding 0,39 percentage points on the October 2012 rate of 3,38 percent,” a statement by the Zimbabwe Statistics Agency (Zimstat) said.

The figures show that Zimbabwe is on course to meeting its target of having inflation below 5 percent by December.

The direction of inflation decline is sustainable and should continue to trend downwards.

There were fears that inflationary pressures were likely to resurface in the last quarter due to the rising utility bills, educational fees as well as rising global fuel prices.

The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the same month in the previous year.

“The year-on-year food and non-alcoholic beverages inflation prone to transitory shocks stood at 3, 85 percent whilst non-food inflation stood at 2, 61 percent,” Zimstat added.

Month-on-month inflation was at 0, 13 percent from 0, 26 percent for the same period.

This means prices as measured by the all items CPI increased at average of 0.13 percent from October 2012 to November 2012.

The month-on-month inflation rate is given by the percentage change in the index of the relevant month of the current year compared with the index of the previous month in the current year.

The monthly food and non-alcoholic beverages inflation stood at 0, 18 percent in November 2012 rate of 0, 46 percent, shedding 0,006 percent points on the October 2012 rate of 0, 17 percent.

CPI for the month ending November 2012 stood at 102, 77 compared to 102, 63 in October 2012 and 99, 78 in November 2011.