Month-on-month inflation, however, dropped from 6.4% to 5.76%.
The November inflation is already above the 58% projected for the end of the year by Finance Minister Mthuli Ncube in his 2022 budget announced yesterday.
Inflation has been on the increase since August propelled by rising prices following the collapse of the Zimbabwe dollar on the black market.
Authorities blamed the fall of the local currency on speculators while business blamed it on the failure by the foreign currency auction system to pay companies allotted money at the auction on time.
The backlog at one time reached US$200 million and was reportedly two months behind.
The central bank announced this month, however, that the government had given it funds to clear the backlog.
The local currency this week appreciated against the United States dollar though by a meagre three cents.
However, interestingly, inflation as measured by United States economist Steve Hanke, who uses black market prices, also declined slightly from 103.28% on 17 November to 101.29% yesterday.
Inflation for December could therefore drop if this trend continues.
(155 VIEWS)
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…
Zimbabwe is currently in turmoil after it devalued its five-month old currency, the Zimbabwe Gold…
Zimbabwe today devalued its local currency, the Zimbabwe Gold (ZiG), by 44% to trade at…