INTERNATIONAL - Zimbabwe's inflation rate rose to a 10-year high of 175.66 percent in June, and economists warned that it would remain elevated after fuel prices rose nearly 30 percent last week.
On Friday, the Zimbabwe Energy Regulatory Authority hiked petrol prices from ZWL5.26 to ZWL6.10. US-based economics professor Steve Hanke said Zimbabwe’s inflation rate has soared since authorities banned the use of foreign currencies to settle local transactions. “Today, by my measure, the annual inflation is 546 percent per year,” said Hanke.
Zimstats said in its latest Consumer Price Index data that year-on-year food and non-alcoholic beverages inflation stood at 251.94 percent, while the nonfood inflation rate was 143.94 percent. “The month-on-month non-food inflation rate stood at 31.23 percent, gaining 21.11 percentage points on the May 2019 rate of 10.12 percent.” Officials said inflation would fall after monetary policy was tightened via the introduction of the Zimbabwe dollar as the only legal tender for local payment settlements.
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