Inflation down to 209%

Inflation, Zimbabwe’s worst enemy, declined to 209 percent in October, a drop of 42.5 percentage points from 251.5 percent in September, according to figures just released.

Though projections by the central bank to reduce inflation to below 200 percent by the end of the year are well on target, the decline in inflation from a peak of 622 percent at the beginning of the year, remains meaningless to the average consumer as the cost of living has almost doubled.

According to the Consumer Council of Zimbabwe while a family of six – father, mother and four children- required Z$861 241 for its basic needs in January, it had to pump out $1.6 million for the same requirements in October.

The cost of food alone shot up from Z$453 441 to Z$858 060 with the highest increases being the costs of bread, vegetables and beef.

Non-food items rose from Z$407 800 to Z$707 160.

Central bank governor, Gideon Gono, plans to have single digit inflation by the mid-2006.

(43 VIEWS)