Monday, July 16, 2012

(TALKZIMBABWE) Zimbabwe inflation slows to 3.97 pct

Zimbabwe inflation slows to 3.97 pct
This article was written by Our reporter on 16 July, at 00 : 07 AM

Zimbabwe’s headline consumer inflation braked to 3.97 percent year-on-year in June from 4.02 percent in May, the statistics agency said on Friday.

However on a month-on-month basis Zimbabwe inflation quickened to 0.2 percent in June from 0.07 percent previously.

The slowdown was due to the easing of transport costs, the national statistics agency said Friday.

The country’s economy has stabilised over the last three years after a decade-long downturn which saw runaway annual inflation reaching an official peak of 231 million percent before the government stopped counting.

The acting minister of finance, Patrick Chinamasa dumped the Zimbabwean dollar in favour of the US dollar and other regional currencies during the height of the hyper-inflationary period.

Zimbabwe dollar 300x203 Zimbabwe inflation slows to 3.97 pct

Zimbabwe ditched the local currency in 2009 after inflation peaked at 231 million percent (AFP/File, Jekesai Njikizana)

Goods that were in short supply or unavailable returned to the shelves, but prices have continued to fluctuate according to the cost of importing.

Zimbabwe relies on imports mainly from neighbouring giant South Africa after the economic meltdown forced factories to downsize, close or relocate to neighbouring countries.



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