Annual inflation falls to 77,2%

Source: Annual inflation falls to 77,2% –Newsday Zimbabwe

ZIMBABWE’S annual inflation fell to 77,2% in August from 101,3% in July, official data shows, as the effects of tight fiscal and monetary measures bear fruit.

On a monthly basis, prices of goods and services rose by 9,1 percentage points to -6,2% in August.

Interventions by the Reserve Bank of Zimbabwe and Treasury since mid-June focusing on mopping excess liquidity and promoting the usage of the local currency, continue to taper down inflation.

Resultantly, the Zimbabwe dollar has gained over 30% in value against the greenback to date over that period reaching US$:ZWL$4571,29 from a peak of nearly US$1:ZWL$7 000 in June.

However, the increase in US dollar pricing of goods and services continue to weigh heavily on realising more gains from the monetary and fiscal measures.

“The month-on-month inflation rate in August 2023 was -6,2% gaining 9,1 percentage points on the July 2023 rate of -15,3%. The month-on-month inflation rate is given by the percentage change in the index of the relevant month compared with the index of the previous month,” the Zimbabwe National Statistics Agency said.