Zimbabwe inflation now 131.7%

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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