As prices of basic commodities in Zimbabwe spiral out of control, the month-on-month inflation rate in June 2023 has shot up to 74.5%, up from the May 2023 rate of 15.7%.
This is according to the latest figures from the Zimbabwe National Statistics Agency (ZimStat) presented during a Zoom meeting currently underway.
Apparently, the country’s annual inflation jumped to 175.8% in June from 86.5% in May.
This rise comes as the the ZWL has been depreciating against the US$. ZimStat measures inflation using a blended average of both US$ and Zimdollar.
More details later…