Zimbabwe inflation now 131.7%


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Zimbabwe’s inflation for May soared from 96.4% in April to 131.7% this month but United States economist Steve Hanke put it at 244% as of 19 May.

Month-on-month inflation rose from 15.6% to 21% with the local currency falling from 159.35 at the last auction in April to $290.89 yesterday narrowing the gap between the auction and interbank rates to only $5.

The convergence between the auction and interbank rates could have an impact on prices though the black market rate still ranges between $360 and $430. It has, however, hardly moved for almost a month.

 

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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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