Zimbabwe’s month-on-month inflation rate in September 2022 was 3.5% shedding 8.9 percentage points on the August 2022 rate of 12.4%, data by the Zimbabwe Statistical Agency has shown.
This means that prices as measured by the all items CPI increased by an average rate of 3.5 percent from August 2022 to September 2022.
However, renowned world economist Steve Hanke says otherwise:
“In this week’s inflation roundup, Zimbabwe, as usual, takes the 1st spot.
“On September 22, I accurately measured Zim’s inflation at 403%/yr. Zim needs to mothball the Reserve Bank and put it in a museum, now.”
Hanke says to stop its economic death spiral, Zimbabwe must mothball the Reserve Bank, put it in a museum, and officially adopt the United States dollar.
“Since Jan 2022, the Zimbabwean dollar has depreciated against the USD by 75.61%, putting #Zimbabwe in 1st place on Hanke’s,” he says.
However, ZANU PF national spokesperson Chris Mutsvangwa recently told a press conference that the country is ready to dump the American dollar.
He said the government will soon make local currency, Zimdollar the legal tender.