Annual inflation in Zimbabwe for June, 2019 has hit 175.66%, up from 97.85% in May, statistics agency ZIMSTATS said.

This is the highest rate since 2009 when the country was plunged into a economic crisis due to a hyperinflation.

According to statistics, on a month-on-month basis, the consumer price index rose 39.26% in June compared to 12.54% in May.

ZIMSTATS said the latest consumer price index of 39.26% is nearing the monthly 50% figure that would mark the start of hyperinflation.

Prices of basic goods and building materials have all gone up as much as 200% during the month under review.

Zimbabwe’s economy is virtually now on its kneels begging for a rescue.

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The country in 2008 abandoned its own currency after inflation peaked at 500 billion percent that year.

Zimbabwe introduced new measures last year and this year, and announced the return to its own currency called the Zimbabwe dollar.

The government banned the use of foreign currencies for local transactions hoping to rebuild the economy.

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President Emmerson Mnangagwa promised to fix the economy but that isn’t happening just yet.

But latest figures rather don’t give a lot of people hope about the future of the Zimbabwean economy.

Finance Minister Mthuli Ncube had said in the past couple of days that he expects the monthly inflation rate to start to fall from October.

 

 

 

Source: Africafeeds.com



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