Maravi

(NEWZIMBABWE) Inflation rises 0.4pc in July

Inflation rises 0.4pc in July
by
20/08/2009 00:00:00

ZIMBABWE'S monthly consumer inflation rose to 1.0 percent in July, seven months after the scrapping of the local currency ended a decade of hyperinflation, the statistical agency said on Wednesday.

"The month-on-month inflation rate in July was 1.0 percent, gaining 0.4 percentage points on the June rate of 0.6," the Central Statistical Office said.

Zimbabwe's inflation suddenly returned to single digits after government abandoned the local currency in January, following years of hyperinflation which peaked into multiples of billions.

The country is now basing its inflation data on US dollar prices. The government said the main contributors to the inflation were transport, furniture, fuel and food costs.

The Zimbabwean economy has been battered by years of political turmoil, leaving some 2.8 million people in need of food aid, according to the United Nations.

The unity government formed in February between long-ruling President Robert Mugabe and his erstwhile rival Prime Minister Morgan Tsvangirai is trying to convince donors to give 8.5 billion dollars to revive the economy and the civil service. - AFP

Labels: INFLATION, ZIMBABWE

posted by MrK @ 4:38 PM