Tuesday, May 18, 2021

Zimbabwe CPI slows to 761.02% year-on-year in August

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Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

JOHANNESBURG (Reuters/Naija247news) – Zimbabwe’s consumer price inflation slowed to 761.02% year-on-year in August compared to 837.53% the previous month, the statistics agency said on Tuesday.

On a monthly basis, prices increased by 8.44% compared to 35.53% in July.

The ministry of finance has targeted annual inflation at 300% by the end of this year but analysts say a weakening Zimbabwe dollar currency and imports of the staple maize after successive poor harvests will keep prices elevated.

Reporting by MacDonald Dzirutwe, Editing by Olivia Kumwenda-Mtambo

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