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Zimbabwe inflation hits 176%

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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.

Source: BBC