Business / Economy
Zimbabwe inflation is back
15 Mar 2017 at 15:00hrs | Views
Consumer prices in Zimbabwe rose on an annual basis for the first time since September 2014 last month. The February inflation has broken out of the negative ground, to stand at 0.06%, having gained 0.71% points from the January rate of -0.65%.
The 0.06% increase was partly due to a 1.3% advance in prices of food and non-alcoholic beverages, which account for a third of the basket. This is the first time in 29 months that inflation turned positive.
Zimbabwe, where hyperinflation peaked at 500 billion percent at the end of 2008, abandoned its own currency and uses of a basket of foreign exchange including the South African rand, the dollar, the euro and the pound, as well as so-called bond notes printed by the government.
The last positive inflation rate was recorded in September 2014, when it reached 0.1% before sliding back into the negative zone for more than two years.
The 0.06% increase was partly due to a 1.3% advance in prices of food and non-alcoholic beverages, which account for a third of the basket. This is the first time in 29 months that inflation turned positive.
Zimbabwe, where hyperinflation peaked at 500 billion percent at the end of 2008, abandoned its own currency and uses of a basket of foreign exchange including the South African rand, the dollar, the euro and the pound, as well as so-called bond notes printed by the government.
The last positive inflation rate was recorded in September 2014, when it reached 0.1% before sliding back into the negative zone for more than two years.
Source - Bloomberg
