Inflation in Zimbabwe has risen to 285 per cent in August, up from 256.9 per cent in July and 191.6 per cent in June.
In August, month-on-month inflation was 12.4%, 13.2 percentage points down from July’s 25.6%.
Apparently, the Reserve Bank of Zimbabwe expects higher near-term inflation due to adverse inflation expectations and exchange rate depreciation.
Meanwhile, renowned economist Steve Hanke in his recent Currency Watchlist, Zimbabwe took the top spot amid calls to fully dollarise.
“The Zimbabwean dollar has depreciated against the USD by 97.16% since Jan. 2020. To stop its economic death spiral, Zimbabwe must adopt the USD, immediately,” he warned recently.
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