Zimbabwe’s inflation slows, as Prof Hanke insists on dumping Zimdollar

The country’s inflation has slowed to 268.8% in October from 280.4% in September and 285% in August, data just released by the Zimbabwe Statistics Agency has shown.

According to ZimStat, October month-on-month inflation was 3.2% from September’s 3.5%.

Apparently, Minister of Finance Mthuli Ncube expects annual inflation to average 166.7% this year.

However, according to renowned world economist and John Hopkins University Professor, Steve Hanke, has not been performing well some time now.

“Since Jan 2022, the Zimbabwean dollar has depreciated against the USD by 75.61%, which is why Zimbabwe is in 1st place on Hanke’s #CurrencyWatchlist.

“To stop its economic death spiral, Zimbabwe must dump Zimbabwean dollar & the Reserve Bank, and officially adopt the US dollar,” he says.

Over the years, some critics have accused the Zimbabwean government of downplaying inflation figures in an attempt to present a glossy picture.

Recently, ZimStat had a war of words with Hanke over his statistics on the country’s inflation figures.

Harare thinks Hanke is bent on tarnishing Zimbabwe’s image.

But others believe Hanke is very fair in his assessments, as he does not follow Zimbabwe’s inflation only, but currencies world over.

Zwnews