Zimbabwe inflation down to 77.2% 


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Zimbabwe’s annual inflation dropped by 24.1 percentage points from 101.3% in July to 77.2% in August as the country heads for elections tomorrow.

Month-on-month inflation gained 9.1 percentage points from -15.3% in July to -6.2% in August.

Inflation had been on the decline from January when it stood at 101.5% to 75.2% in April before increasing to 86.5% in May and shooting up to a whopping 175.8% in June as prices rocketed following the government’s announcement of elections in August.

The government introduced policy measures that included demanding that companies pay their taxes in Zimbabwe dollars thus shoring up the local currency which had plummeted against the United States dollar.

Tomorrow’s elections are largely between President Emmerson Mnangagwa who is seeking his second and final term and Citizens Coalition for Change leader Nelson Chamisa who has vowed that he is winning the elections declaring that any other result would be fake.

Chamisa says he will announce the results of the elections on Thursday.

 

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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