Harare, (New Ziana) – Zimbabwe’s year-on-year inflation was down 41.04 percentage points to 321.59 percent in February after a marginal increase last month, the Zimbabwe Statistics Agency (Zimstat) said on Thursday.

Annual inflation stood at 362.63 percent in January.

Month-on-month inflation was down 1.98 percentage points to 3.45 percent.

Zimbabwe’s annual inflation peaked at 785.55 percent in May last year and has been contained since then as government implemented a cocktail of measures including introduction of a foreign exchange auction system.

The exchange rate, which was at the time fixed, was one of the main inflation drivers.

Its introduction helped rein runaway increases in the prices of goods and services.

Government is targeting to bring down annual inflation to below 135 percent by the end of the year, while month-on-month is expected to average below one percent.
New Ziana