Zimbabwe’s annual inflation almost doubled to a new 10-year high of 175.66% in June, official data showed on Monday, after a sharp rise in prices of basic goods and depreciation of the local currency. The southern African nation last month made its RTGS currency the sole legal tender and renamed it the Zimbabwe dollar as part of reforms President Emmerson Mnangagwa hopes will revive a sickly economy. The hope of Zimbabweans that the economy will quickly recover after Robert Mugabe was removed in an army coup in 2017 is turning to frustration amid shortages of U.S. dollars, fuel and bread, and rolling power cuts. Inflation was 97.85 in May. On a month-on-month basis, the central price index rose 39.26% compared to 12.54% in May, statistics agency ZIMSTATS said. Finance Minister Mthuli Ncube has said the monthly inflation rate should start to fall from October, but analysts say pressure on government wages and the currency will keep inflation high. As long as Zimbabwe remains a pariah state ruled by corrupt, incompetent and vote rigging thugs Zimbabwe’s economy will never recover. Finance Minister Ncube said the ending of the multi currency system will bring stability it has done the opposition, inflation has doubled in one month. For how much longer does the regime think this madness will continue!
Zimbabwe’s annual inflation almost doubled to a new 10-year high of 175.66% in June, official data showed on Monday, after a sharp rise in prices of basic goods and depreciation of the local currency.
ReplyDeleteThe southern African nation last month made its RTGS currency the sole legal tender and renamed it the Zimbabwe dollar as part of reforms President Emmerson Mnangagwa hopes will revive a sickly economy.
The hope of Zimbabweans that the economy will quickly recover after Robert Mugabe was removed in an army coup in 2017 is turning to frustration amid shortages of U.S. dollars, fuel and bread, and rolling power cuts.
Inflation was 97.85 in May.
On a month-on-month basis, the central price index rose 39.26% compared to 12.54% in May, statistics agency ZIMSTATS said.
Finance Minister Mthuli Ncube has said the monthly inflation rate should start to fall from October, but analysts say pressure on government wages and the currency will keep inflation high.
As long as Zimbabwe remains a pariah state ruled by corrupt, incompetent and vote rigging thugs Zimbabwe’s economy will never recover. Finance Minister Ncube said the ending of the multi currency system will bring stability it has done the opposition, inflation has doubled in one month. For how much longer does the regime think this madness will continue!