Zimbabwe’s inflation slows to 77.2%

Inflation slowed to 77.2% in August from 101.3% in July, the Zimbabwe National Statistics Agency (ZimStat) data released yesterday shows.

Apparently, Month-on-month inflation was -6.2%, from -15.3% last month.

A person needed income of Z$91,063 in August to stay above the poverty line, ZimStat also says.

The Consumer Price Indes (CPI) for August 2023 was 450.43 and 479.79 in July 2023.

The month-on-month inflation rate in August 2023 was -6.2 percent gaining 9.1 percentage points on the July 2023 rate of -15.3 percent.

However, Zimbabwe’s official inflation figures have for long been a subject for speculation, with the government accused of downplaying the numbers in an attempt to paint a glossy picture.

Renowned American economist Steve Hanke is on record calling on the Harare administration to dump the local currency and fully dollarise.

“Ahead of the general election, Pres. Mnangagwa has made a skeleton out of Zimbabwe’s economy. I measure Zim’s inflation at 685%/yr. — THE WORLD’S HIGHEST INFLATION RATE. Never mind. The Zanu-PF will rig the election and remain in the saddle for five more years,” he says.

But President Emmerson Dambudzo Mnangagwa has made it clear that he will not dump the Zimdollar.

Zwnews