Zimbabwe inflation shoots up to 59.4 percent

Zimbabwe’s annual inflation shot up from 56.9 percent in January to 59.4 percent last month but month-on-month inflation plunged from10.8 percent to 1.7 percent, according to figures released by the national statistics agency.

Zimbabwe inflation shot up in October when the government announced new monetary and fiscal policies which also saw the re-introduction of foreign currency accounts and a 2 percent transaction tax.

Inflation shot up from 5.4 percent in September to 20.9 percent in October. Month-on-month inflation rocketed from 0.9 percent to 16.4 percent.

Year-to-year inflation has been on the rise since going up to 31 percent in November, 42.1 percent in December and 56.9 percent in January.

Month-on-month inflation, however, dropped to 9.2 in November, down to 9 percent in December but went up to 10.8 percent in January before falling to 1.7 percent.

Finance Minister Mthuli Ncube has said that inflation should be down to single digit level by the end of the year while central bank governor John Mangudya says inflation will be down to between 10 and 15 percent by the end of the year.

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