Zimbabwe’s official inflation rate jumped to its highest level in six months as the local dollar continued its losing streak against the greenback, in one of its worst starts to the year since the currency’s reintroduction in 2019.
Annual inflation surged to 47.6% in February from 34.8% a month before, the Zimbabwe National Statistics Agency said.
Consumer prices rose 5.4% in the month from 6.6% in January.
Apparently, according to renowned American economic analyst Steve Hanke Zimbabwe’s inflation is the highest in the world.
He recently implored Finance Minister Mthuli Ncube to resign saying he has failed dismally.
“Welcome to Zimbabwe, home to the world’s highest inflation rate – a stunning 1,397%/yr.
“It’s time for Finance Minister Mthuli Ncube to resign,” he said.
He has been calling on the Harare administration to dump its local currency Zimdollar and fully dolarise.
However, President Emmerson Dambudzo Mnangagwa is on record saying he will never dump the Zimdollar.
The country’s local currency has been on the free fall literally losing its purchasing power on daily basis.
Zwnews
