Zim Annual Inflation Reduces to 659 Percent

ZIMBABWE National Statistics Agency (ZIMSTAT) Tuesday revealed that year on year inflation had reduced to 659.4% in the month of September 2020.

In the month of August 2020, inflation rate went down to 761 % retreating from a high of 837 % reached in July this year.

“The year on year inflation rate for the month of September 2020 as measured by the all items Consumer Price Index stood at 659.4%,” the statistics agency said.

Consumer Price Index (CPI) for September 2020 saw the month on month inflation rate in September standing at 3.83 % shedding 4.61 %s on the August 2020 rate of 8.44 %.

“The CPI for the month ending September 2020 stood at 2 205 compared to 2 123 in August 2020.The month on month inflation rate in September 2020 was -0.47 % shedding 1.88 percentage points on the August 2020 rate of 1.41%,” said ZIMSTAT.

A raft of economic measures aimed at achieving stability implemented by government recently has seen the closure of mobile money platforms routes like Ecocash Agent lines which had been used by illegal foreign currency dealers to speculatively hike parallel market exchange rates.

The Reserve Bank of Zimbabwe has also been carrying out excess liquidity mopping from the markets.

The availing flexible credit facilities coupled with predictability brought about by the Foreign Currency Exchange Auction, among other measures, have contributed towards the reduction of inflation.

Government is targeting annual inflation to reduce inflation to 300 % by the year-end, on the back of stability of the foreign exchange rate.

Check Also

Mwonzora Hits Ground Running

Newly elected MDC-T President Douglas Mwonzora has taken control of the party and immediately hit …

This function has been disabled for Zimbabwe Today.