Zimbabwe's Annual Inflation Surges to 47,6 Percent

1 March 2024
New Zimbabwe (London)
By Alois Vinga

ANNUAL inflation in Zimbabwe surged to 47,6% on the back of receding month-on-month inflation, Zimbabwe National Statistics Agency (Zimstat) reported Thursday.

The data presented at an online briefing Thursday shows the year-on-year inflation rate (annual percentage change) for February 2024 as measured by the all-items Consumer Price Index (CPI), was 47,6 %.

The latest upsurge is the fourth in a row since the statistics agency changed its price measure on September 28 to better reflect the use of US dollars in the economy. The greenback is employed in about 80% of transactions in the country.

In comparison, the month-on-month inflation rate was 5,4% in February 2024, shedding 1,2% s on the January 2024 rate of 6,6%. This means that prices increased by an average of 5, 4% between January 2024 and February 2024.

However, the inflationary trends come at a time when the Reserve Bank of Zimbabwe (RBZ) has been quietly working towards achieving exchange rates equilibrium which has so far seen the interbank rate reaching US$1: ZW$14 912 trailing closely behind the parallel market rate which is now around US$1: ZW$16 000.

Market watchers believe that going forward; both monthly and annual inflation will recede on the back of recovering exchange rate stability.

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