Zimbabwe’s inflation surges to 57.5 percent in April

Zimbabwe’s inflation surges to 57.5 percent in April

By Agencies

HARARE: Zimbabwe’s annual inflation rate to 57.5 percent in April 2024 on the back of mounting pressure on prices of most goods and services, official data showed on Tuesday.

According to the Zimbabwe National Statistics Agency (ZIMSTAT), prices of goods and services rose by 2.9 percentage points from the 55.3 percent recorded the previous month.

Month-on-month inflation stood at 2.9 percent in April, mainly driven by increases in the prices of food and non-beverage products whose index rose by 4.2 percent during the month.

Although the food inflation was significantly lower that the 8.1 percent recorded during the previous month, it was still significantly high for a country whose had just introduced a new gold-linked currency that was touted as a solution for stabilisation of prices.

Despite the rollout of the Zimbabwe Gold (ZiG) currency on April 5, the month-on-month inflation rate figure reflected an upward trend in prices.

The US dollar year-on-year inflation rate also rose to 3.2 percent on the back of a 0.6 percentage point spike in month-on-month inflation to 0.8 percent.

Despite the introduction of the ZiG currency, Zimbabwe continues to grapple with inflationary pressures, impacting the cost of living for its citizens.

The authorities face the challenge of finding effective measures to stabilize the economy and mitigate the impact on vulnerable populations.