Zim’s annual inflation eases to 106.6%

Zim’s annual inflation eases to 106.6%

Harare, (New Ziana) – Zimbabwe’s annual inflation eased to 106.6 percent in June, slowly moving towards the government’s target of inflation of below 20 percent by year end, data released by the Zimbabwe
National Statistics Agency (Zimstat) on Monday showed.

In May, the country’s annual inflation stood at 161.9 percent.

Month-on-month inflation was however up by 1.4 percentage points to 3.9 percent during the same period.

Zimbabwe’s annual inflation peaked at 875.55 percent in May 2020, and only started to drop after the Reserve Bank of Zimbabwe (RBZ) introduced a raft of measures to fight the scourge, particularly foreign exchange trade.

Reliance on the parallel market for access to foreign currency by formal businesses was at the time one of the major inflation push factors.

The RBZ has forecast inflation to slow down to 55 percent next month, while the Ministry of Finance has said it anticipates inflation to drop below 20 percent by the end of the year.

The International Monetary Fund and the World Bank have, however respectively projected that the country’s inflation will be around 99.3 percent and 86 percent by end of 2021.

Meanwhile, Zimstat said it would effective this month be producing annual and monthly inflation figures for each of the country’s 10 provinces.
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