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Zimbabwe’s annual inflation eases to 50.24% in August

Zimbabwe's annualised rate of inflation eased to 50.24 percent in August from the 56.37 percent recorded in the previous month,…

Zimbabwe’s annualised rate of inflation eased to 50.24 percent in August from the 56.37 percent recorded in the previous month, official data showed on Friday.According to the Zimbabwe National Statistics Agency, the drop in headline inflation came on the back of a significant decline in year-on-year food inflation from 55.1 percent in July to 50.47 percent during the month under review. 

However, ZIMSTAT figures show that Zimbabwe’s month-on-month inflation rose 1.62 percentage points to 4.18 percent in August as compared to 2.56 percent in July.

The agency said a family of five Zimbabweans would require Z$31,751 (about US$370) per month to pay for basic commodities, up from Z$30,630 during the previous month.

The decline in headline inflation comes days after central bank governor John Mangudya announced that the battle against inflation was gaining traction following a 29-percent in Zimbabwe’s exports recently.

Mangudya said the increase in exports, which came on the back of a raft of growth-stimulating policies rolled out during the past year, had laid the foundation for currency stability and declining prices.

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