Zimbabwe sees inflation soar

Zimbabwe’s inflation rate soared to a 10-year high in October on the back of a price spiral in the past two months, triggered by a shortage of basic commodities, official data showed on Tuesday 13 November 2018.

According to data from the Zimbabwe National Statistics Agency (ZIMSTAT), annualised inflation was pegged at 20,85 percent in October, up 15.46 percentage point from the September rate of 5.39 percent.

ZIMSTAT said attributed to the sharp increase was an unprecedented rise in food prices, since early September.

Monthly inflation increased by 16.44 percent in October, from 0.92 percent in the previous month.

This is the highest inflation rate since 2008, when the southern African country experienced hyperinflation.

The hyper-inflationary pressures ended in 2009, when the government adopted a basket of foreign currencies in place of the then free-falling Zimbabwe dollar.

– APA