ZiG annual inflation 92.5% up

The Zimbabwe Gold (ZiG) annual inflation for June was 92.5%, up from 92.1% in May and 85.7% in April respectively.

According to latest data by the Zimbabwe Statistics Agency, ZiG monthly inflation for June was 0.3%, down from 0.9% in May.

In June, prices were driven by rentals and utilities such as water, fuel and communication.

In USD: ⬇️ June USD annual inflation was 14% (May 13.9%), ⬇️ USD month-on-month inflation was -0.2% (gaining slightly from -0.3% in May).

Food and non-alcoholic beverages drove USD prices.

In its outlook report, the Reserve Bank of Zimbabwe expects ZiG inflation to remain high until September, before slowing to 30% by year-end.

However, according to renowned American economic analyst Professor Steve Hanke, Zimbabwe’s ballooning money supply is pushing inflation up.

“Zimbabwe’s money supply (M2) is SURGING at 54.7%/yr.

“It’s no surprise that, today, I measure ZIM’s inflation at a PUNISHING 54%/yr.

“SKY-HIGH MONEY SUPPLY = SKY-HIGH INFLATION.”

Zwnews