Zimbabwe’s annual inflation hits 10-year high at 56.9%

The National Statistics Agency attributes this latest increase to a rise in the price of basic goods and beer.

FILE: A man holds bond notes released by the Reserve Bank of Zimbabwe in Harare central business centre in 2016. Picture: AFP

FILE: A man holds bond notes released by the Reserve Bank of Zimbabwe in Harare central business centre in 2016. Picture: AFP

HARARE – Zimbabwe’s annual rate of inflation has surged to 56.9%, making it the highest in 10 years.

A 150% hike in fuel prices in January triggered violent protests and a security clampdown that left at least 17 people dead.

In December, annual inflation was at 42% and in January, it soared to 56.9%.

The National Statistics Agency attributes this latest increase to a rise in the price of basic goods and beer.

Prices have been going up as local bond notes and electronic money loses value against scarce us dollars.

Bread, a national staple, has gone up from around $1.40 per loaf to $2.50 in some shops, as bakers say they aren’t getting enough foreign currency to import flour.

These latest inflation figures come as aid agencies this week reported a significant increase in food insecurity in both urban and rural areas.

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Post published in: Business

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