The Zimbabwe National Statistics Agency won’t report year-on-year inflation figures until February 2020, Finance Minister Mthuli Ncube told lawmakers Thursday in the capital, Harare. That’s to allow the body to collect comparable data after the introduction of a new currency earlier this year.Annual inflation in the southern African nation surged to 175.7% in June as shortages of food and fuel pushed up prices and the official exchange rate weakened to 9.2 per dollar from 2.
The government started distributing food to people in cities this week for the first time as a drought and an economic crisis caused widespread food shortages that may affect as many as 5.5 million people. Ncube said the economy will contract this year because of a lack of foreign exchange and energy.
The statistics agency will continue to publish month-on-month inflation data. That rate has also increased rapidly — to 39.5% in June from 1.7% in February. Zimbabwe is no stranger to runaway inflation and abandoning certain indicators. Price growth peaked at 500 billion percent in 2008, prompting the government to abandon the Zimbabwe dollar.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Neanderthals Should Join Homo Sapiens on the Family TreeThe term “Homo sapiens” is no longer working that well. Neither is the closely related term, “modern humans,” used to describe us and fossils of long-dead people who looked something like us.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Blunders Episode 150: with Paul TheronThis week: the Cresta Mall mega-project that we can all be proud of; Viagra works on flowers; some people are good at Fortnite; and bonds with negative interest rates should be avoided.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: In the bruising battle with Peter Moyo, Old Mutual claims it’s ‘the ultimate loser’Old Mutual has launched an appeal of a high court judgment that immediately reinstated Peter Moyo as CEO. In its application to the Supreme Court of Appeal, Old Mutual said the high court order was ‘wholly inappropriate’ and ‘extraordinary’ because it was not ‘founded on any legal right’. Refreshing that big, normally unassailable entities like OM are given a trouncing in court. To a large extent, esp when fighting the smaller guy, they've become a law unto themselves. Last week it was SB's turn. I can't wait to see who's next.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Pulp faction: Sappi acquires a Canadian millPulp and paper heavyweight Sappi has acquired a Canadian mill, part of its expansion into North America and Europe, where its packaging business is fast-growing. It remains to be seen if this strategy will pay off as its share price struggles to get traction.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: More stress on SOEs as Barnes quits Post OfficeAfter three-and-a-half years as ‘Postman Pat’, iconoclastic banker Mark Barnes has resigned, becoming the latest in a long line of private-sector figures to depart the public sector, further complicating the turnaround of SA’s decimated state-owned enterprises. Good riddance. Post office it do well without him we need Africans to take over
Source: dailymaverick - 🏆 3. / 84 Read more »