Zimbabwe’s annual inflation rate tumbles

Zimbabwe’s annual inflation rate dropped to 87.6 percent in March from 92.3 percent in February.

According to data released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Monday, there was a marginal increase in the month-on-month inflation rate.

ZIMSTAT said:

“The year-on-year inflation rate for the month of March 2023 as measured by the All-Items Consumer Price Index (CPI) was 87.6 percent this means that prices, as measured by the Consumer Price Index, increased by an average of 87.6 percent between March 2022 and March 2023.

“The month-on-month inflation rate in March 2023 was 0.1 percent gaining 1.7 percentage points on the February rate of minus 1.6 percent.”

ZIMSTAT said the key drivers were social services and elements such as health and education.

Meanwhile, Zimbabwe’s inflation has been rising but the official rate has allegedly been suppressed for years.

It is reported the government has been trying to present a better picture.