Monday , July 26 2021

Zimbabwe's October inflation is 20.85 percent, the highest since 2008 – Zimbabwe Mail

HARARE – Zimbabwe's October inflation has risen to the highest level since 2008 after rising crude oil, flour and sugar prices, the statistical agency Zimstat said on Tuesday as the country faces a shortage of dollars.

The South African country adopted the US dollar in 2009 after the currencies devalued by hyperinflation and inflation fell to one digit.

Some Zimbabwe companies are now looking for only cash US dollars and have increased their prices more than three times for the majority of them paying a bond note.

Fundamental asset prices rose when the value of the replacement bonds and electronic dollars collapsed in the parallel market last month, leading to panic buying by consumers.

Inflation in October increased to 20.85 percent year-on-year, from 5.39 percent in September, the statistics agency said.

At a monthly level, prices jumped by 16.44 percent in the same period of 0.92 percent in September.

Zimstat stopped publishing official inflation figures in September 2008 when it reached 236 million, but the International Monetary Fund put it at 500 billion percent. The Agency for Statistics continued to display inflation data in February 2009.

Source link