Zimbabwe inflation rate hits seven-month high as finance minister pledges to act

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Annual inflation quickened to 55.3% this month from 47.6% in February, the Zimbabwe National Statistics Agency said Wednesday.

Zimbabwean annual inflation surged to a seventh-month high, days after the finance minister pledged to address price increases that are being fueled by the nation’s free-falling currency. Annual inflation quickened to 55.3% this month from 47.6% in February, the Zimbabwe National Statistics Agency said Wednesday in an online briefing. Prices rose 4.9% in the month, compared with 5.4% in February.

Finance Minister Mthuli Ncube said at the weekend that the authorities are aware of ongoing price instability in Zimbabwe and monetary policymakers are preparing a statement that will deal with the challenges. “We are aware that there is currency instability in the main, which then impacts prices,” he said in an interview. “As government we will act.” The Zimbabwean dollar has depreciated against the greenback every trading day this year.

 

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