Maravi

(TALKZIMBABWE) Zimbabwe's prices continue to fall

Zimbabwe's prices continue to fall
AFP/TZG
Mon, 01 Jun 2009 10:35:00 +0000

ZIMBABWE recorded a minus 1.1 percent inflation rate in April, a slower fall than March, the national statistical agency said on Saturday.

"The month-on-month inflation rate in April 2009 was minus 1.1 percent, gaining 1.9 percentage points on the March 2009 rate of minus 3.0 percent," the Central Statistical Office (CSO) said in a statement.

It said prices of food and non alcoholic beverages for April had also fallen at a slower rate in April, at minus 2.91 percent against minus 5.63 percent in March.

Zimbabwe's government began to release inflation figures in February after the country switched to using multiple currencies when hyperinflation -- which reached at least 231 million percent in July last year -- rendered the local dollar unusable.

Prices of all goods and services are in US dollars or the South African rand, which were adopted by government as reference currencies.

The country's three main political rivals formed an inclusive Government in February to tackle the chronic economic crisis and political tensions.

The government is battling to raise 8.3 billion dollars to stabilise the economy of the once prosperous southern African nation.

The International Monetary Fund (IMF) has started to provide technical assistance to Zimbabwe, which narrowly survived expulsion from the fund and owes the Washington-based body 130 million US dollars.

AFP/TZG

Labels: DEFLATION

posted by MrK @ 2:57 PM