Zimbabwe Inflation Surges To 37.2% After ZiG Currency Devaluation
The ZWG (ZiG) inflation rate has surged to 37.2% month on month in October, the Zimbabwe National Statistics Agency (ZIMSTAT), announced on Friday.
This rise follows the rapid depreciation of the exchange rate, with the Reserve Bank of Zimbabwe (RBZ) devaluing the ZiG official rate by 43% in September.
Presenting the latest data Friday, ZIMSTAT Prices Statistics Manager, Thomas Chikadaya said:
The month-on-month inflation rate was 37.2 per cent in October 2024, gaining 31.4 percentage points on the September 2024 rate of 5.8 per cent.
This means that prices as measured by the all-items ZWG CPI, increased by an average of 37.2 percent between September 2024 and October 2024.
In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.
The year-on-year inflation rate (annual percentage change) for the month of October 2024 as measured by the all-items USD Consumer Price Index (CPI), was 4.1 per cent.
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