HARARE (Xinhua) — Zimbabwe’s year on year inflation rate for the month of December 2020 stood at 348.59 percent, down from 401.66 percent recorded the previous month.
“Month on month inflation rate in December 2020 was 4.22 percent, gaining 1.07 percentage points on the November 2020 rate of 3.15 percent,” the Zimbabwe National Statistics Agency revealed Monday on its official Twitter account.
In his 2021 budget presentation to parliament last November, Finance and Economic Development Minister Mthuli Ncube projected Zimbabwe’s annual inflation to close the year at 336 percent.
Inflation topped 837 percent last July, but fell to 761 percent in August following the introduction of a foreign exchange auction trading system which brought stability to the foreign exchange market.
Inflation has since maintained a downward spiral.
Zimbabwe’s economy is expected to grow by 7.4 percent after a projected 4.1 percent contraction this year.