Zimbabwe inflation hits 176%
Addis Ababa, July 15, 2019 (FBC) -There has been a sharp jump in Zimbabwe’s annual inflation figure, statistics agency ZIMSTATS has said.
In the year from June 2018 to June 2019 prices rose on average by 176%. For the 12 months from May 2018 to May 2019 the figure was 98%.
Food prices rose even faster – at a rate of 252%.
There are concerns that there could be a return to the days when prices spiralled out of control.
The hyperinflation ended in 2009 when Zimbabwe abandoned the use of its own currency – the Zimbabwe dollar – and adopted the US dollar, along with other foreign currencies.
The use of the US dollar has now been outlawed and the country is moving towards a new Zimbabwe dollar.
President Emmerson Mnangagwa came to power in 2017 promising economic change but the country is currently experiencing some severe economic problems.