Zim’s April inflation down to 194%
Harare, (New Ziana) – Zimbabwe’s annual inflation slid 46.48 percentage points in April to 194.07 percent, the country’s official statistics agency said on Sunday.
The Zimbabwe National Statistics Agency (ZimStat) said month-on-month inflation also slowed down during the month, burning closer the government’s target of inflation of below 100 percent by mid-year.
Inflation stood at 240.55 percent in March, with the drop pointing to a continuous reduction in the rate at which prices of goods and services are going down.
“This means that prices as measured by the all items CPI (Consumer Price Index) increased by an average of 194.07 percent between April 2020 and April 2021,” ZimStat said.
Month-on-month inflation was 1.58 percent, having shed 0.67 percentage points.
Consumer groups have urged government to continue to look at the cost push factors that are making goods and services more expensive than the majority can afford.
The Ministry of Finance is projecting that annual inflation, which peaked at 875.55 percent in May last year, will be below 100 percent by mid-year.
Government points to the introduction of a local currency mid last year and the maintenance of a stabled exchange rate as key factors in bursting the inflation bubble.
By year end, the government is optimistic it will be down to below 20 percent against an International Monetary Fund prediction of around 50 percent.