Maravi

(NEWZIMBABWE) Inflation eases to 3.6 percent

Inflation eases to 3.6 percent
by Staff Reporter
16/11/2010 00:00:00

INFLATION slowed to 3.6 percent year-on-year in October compared with 4.2 percent in September, the Zimbabwe National Statistical Agency (Zimstats) said on Tuesday. Zimstats figures showed that falling rentals, utility charges, medical drugs and alcoholic beverages prices drove annual inflation lower.

On a month-on-month basis, inflation quickened slightly to 0.2 percent from 0.1 percent in September. Zimstats attributed the rise in monthly inflation to higher prices for food and non-alcoholic beverages.

A firming Rand in neighbouring South Africa has pushed up prices in Zimbabwe. The country still relies on imports from South Africa as local manufacturers struggled to recover from a decade-long economic crisis.

According to Zimstats family of five now requires at least 462 dollars a month to buy food and non-food items.

However, most workers earn an average salary of 200 dollars a month, and unemployment remains high.

Zimbabwe’s inflation has fallen dramatically over the last two years the last two years after the coalition government ditched the virtually worthless Zimbabwe opting for more stable foreign currencies.

The country’s economy has over the last two years experienced a laboured recovery and both local experts and the International Monetary Fund (IMF) expect growth to inch towards ten percent by year-end.

Labels: INFLATION, ZIMBABWE, ZIMSTATS

posted by MrK @ 11:11 PM