Inflation hits double digits

Stanley James

The slowdown in price increases continues, with latest data showing that Zimbabwe’s annual inflation for July dropped to less than 60 percent from more than a hundred the previous month.

Data released by the Zimbabwe National Statistics Agency (ZIMSTAT) shows that for the first time since July last year, annual inflation has dropped to double digit figures.

The agency notes that the trend means prices increased by 56,37 percent between July last year and the same month this year.

ZIMSTAT has also cited the foreign currency auction system which has stabilised the local dollar against major currencies as the main element in the reduction of annual inflation, a development that has been well received by consumers.

Treasury and the central bank have also hinted on restoring increased purchasing power for consumers through tight inflation control measures.

Zimstat reveals inflation which refers to the rate at which prices are increasing over a given period of time has dropped to 56 percent this month  from 837 percent in July last year.

The post Inflation hits double digits appeared first on ZBC NEWS.

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