Zimbabwe inflation just shy of 100 percent


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Zimbabwe inflation for May hit 97.85 percent up from 75.9 percent in April, the latest figures show.

Inflation is the general increase in prices over a period of time and a fall in the purchasing value of money.

Food inflation has gone up 126.4 percent since May last year while non-food inflation is slightly lower at 85.4 percent.

Month-on-month inflation which stood at only 1.7 percent in February but has been rising steadily since, rose by 12.54 percent between April and May.

This is the highest monthly increase since it rocketed by 16.4 percent between September and October last year when the government introduced new fiscal and monetary measures.

Prices which are pegged at the exchange rate between the RTGS dollar and the United States dollar are continuing to rise as the RTGS dollar continues to fall against the greenback.

The RTGS dollar was trading at 3.26 against the United States dollar at the beginning of May. It dropped to 3.44 by mid-month before diving to 5.26 at the end of the month. Today it was pegged at 6.08.

Movement for Democratic Change vice-president Tendai Biti says it will be down to 15 to one by August.

(42 VIEWS)

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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