INFLATION IN ZIMBABWE REACHES 130 PERCENT AMID CURRENCY DEPRECIATION

Thu 26 May 2022:

Zimbabwe’s annual inflation soared to 131.7 percent in May, up from 96.4 percent the month before, marking the first time it has above 100 percent in ten months.

This is happening against a backdrop of local currency depreciation and skyrocketing food and fuel prices.

Monthly inflation surged to 21 percent in April 2022, according to figures issued by the Zimbabwe National Statistics Agency (ZIMSTAT) on Wednesday, up 5.5 percentage points from April 2022’s rate of 15.5 percent.

The Reserve Bank of Zimbabwe introduced the new interbank rate at 276 per U.S. dollar on May 9, among a raft of measures that were announced by President Emmerson Mnangagwa in a bid to stop further depreciation of the Zimbabwe dollar on the black market where it is trading above 400 to the U.S. dollar.

At Tuesday’s foreign exchange auction, the Zimbabwe dollar further slid to 290 per U.S. dollar.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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