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Zimbabwe National Statistics Agency (ZIMSTAT) on Monday, 21 August said annual inflation fell to 77.2 percent in August from 101.3 percent in July.
ZIMSTAT also said the month-on-month inflation rate in August was -6.2 percent gaining 9.1 percentage points on last month’s rate of -15.3 percent. ZIMSTAT said:
<blockquote>The year-on-year inflation rate for the month of August 2023 as measured by the all items Consumer Price Index was 77.2 percent…
The month-on-month inflation rate in August 2023 was -6.2 percent gaining 9.1 percentage points on the July 2023 rate of -15.3 percent.</blockquote>
ZIMSTAT said the Food Poverty Line for one person in August was $70 461.00. The Total Consumption Poverty Line for one person was $91 063.00 in August 2023.
The Food Poverty Line (FPL) represents the amount of money that an individual requires to afford a daily minimum energy intake of 2 100 calories. Said ZIMSTAT:
<blockquote>The CPI for August 2023 was 450.43 and 479.79 in July 2023.</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Annual Inflation Falls To 77.2% In August

Zimbabwe’s annual inflation slowed to 101.3% in July 2023 from 175.8% in June 2023, the latest data from the Zimbabwe National Statistics Agency (ZIMSTAT) shows.
ZIMSTAT also said the month-on-month inflation for July was 89.8 percentage points lower to close in negative territory, -15.3% from 74.5% recorded in June.
ZIMSTAT measures inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
In May 2023, ZIMSTAT said the country’s month-on-month inflation rose to 15.7% after gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The year-on-year inflation rose to 86.5% in May from 75.6% in April, said ZIMSTAT.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's Monthly Inflation Drops To  Minus 15 Percent - ZIMSTAT

Zimbabwe’s annual inflation jumped to 175.8% in June from 86.5% in May, the Zimbabwe National Statistics Agency (ZIMSTAT) said on Monday, 26 June.
Reflecting the sharp price hikes over the past few weeks, month-on-month inflation went up by a significant 58.8 percentage points in June to 74.5%, from 15.7% in May.
ZIMSTAT measures inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
In March, economist Prosper Chitambara said that using the blended inflation rate is problematic.  He said:
<blockquote>
The issue is a critical one because companies do not account in blended terms but exclusively in USDs or ZWL so it becomes an issue to have the blended rate as the benchmark inflation.
Interest rate calculation for those borrowing or collective bargaining is going to complicate things.
</blockquote>
Chitambara said the publication of both sets of inflation rates (Blended and ZWL) should continue because most employees earn ZWL and would need to use the rate for collective bargaining.
He argued that companies also report in ZWL and will continue to need the ZWL inflation in order to prepare inflation-adjusted figures.
Just over a week ago, Professor of applied economics at the Johns Hopkins University, Steve Hanke, said Zimbabwe’s year-on-year inflation had reached 1 298 percent.
In May 2023, ZIMSTAT said the country’s month-on-month inflation rose to 15.7% after gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The year-on-year inflation rose to 86.5% in May from 75.6% in April, said ZIMSTAT.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's Annual Inflation Jumps To 175.8% In June - ZIMSTAT

Zimbabwe’s month-on-month inflation rose to 15.7% in May after gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The year-on-year inflation rose to 86.5% in May from 75.6% in April.
This was said by Zimbabwe National Statistics (ZIMSTAT) director-general Taguma Mahonde in Harare on Friday. He said:
<blockquote>
The month-on-month inflation rate in May 2023 was 15.7% gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The month-on-month inflation rate is given by the percentage change in the index of the relevant month compared with the index of the previous month.
The year-on-year inflation rate is given by the percentage change in the index of the relevant month of the year compared with the index of the same month in the previous year.
</blockquote>
In March this year, Minister of Finance and Economic Development Mthuli Ncube announced that inflation will be measured using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Previously the rate of inflation was based only on items in Zimbabwean dollars.
Former Finance Minister Tendai Biti has said the move by the government to measure inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars is insincere and an attempt to conceal rising inflation.
Biti said the government always comes up with “ridiculous” policies in a bid to cover its “embarrassing failures”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Monthly Inflation Rate Jumped To 15.7% In May - ZIMSTAT

The monthly inflation reached 2.4% in April 2023 while the annual rate of inflation has declined, the Zimbabwe National Statistics Agency (ZIMSTAT) said on Wednesday. ZIMSTAT said:
<blockquote>
The month-on-month inflation rate in April 2023 was 2.4%, gaining 2.3 percentage points on the March 2023 rate of 0.1%.
This means that prices as measured by the all items CPI increased by an average of 2.4% from March 2023 to April 2023.
</blockquote>
The latest figures come at a time when the Zimbabwe dollar depreciated sharply on the parallel market, breaching US$1:ZWL$2 000 this week.
According to ZIMSTAT, the month-on-month Food and Non-Alcoholic Beverages inflation rate was at -1,2% in April 2023, shedding 1.5% on the March 2023 rate of 0.3%.
The month-on-month non-food inflation rate was 5.1%, gaining 5.1 percentage points on the March 2023 rate of 0.0%. ZIMSTAT said:
<blockquote>
The year-on-year inflation rate for the month of April 2023 as measured by the all items Consumer Price Index (CPI) was 75.2% percent.
This means that prices as measured by the all items CPI increased by an average of 75.2 percent between April 2022 and April 2023.
</blockquote>
Since the beginning of 2023, ZIMSTAT has been measuring inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Previously the rate of inflation was based only on items in Zimbabwean dollars.
Last month, <a href="https://news.pindula.co.zw/2023/03/08/blended-inflation-rate-is-pure-undiluted-heresy-biti/">former Finance Minister Tendai Biti the government to measure inflation using a weighted average</a> of items priced in Zimbabwean dollars and United States dollars is insincere and an attempt to conceal rising inflation. He said:
<blockquote>
Inflation is the measure of the price movement of a good over a period of time. Any good has one price so the blend rate is pure undiluted heresy and is a disingenuous attempt to muddle the ever-rising rate of inflation.
</blockquote>
More: <a href="https://news.pindula.co.zw/">Pindula News</a>

Monthly Inflation Hits 2.4% In April

Professional accountants have engaged the government over the move to measure inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars, the “weighted blended inflation rate”.
Accountants argue the adoption of the weighted blended inflation rate has severe consequences when reporting financials.
Speaking to <a href="https://businesstimes.co.zw/accountants-engage-govt-over-blended-inflation/">Business Times</a>, Institute of Chartered Accountants of Zimbabwe CEO, William Mandisodza, said:
<blockquote>
For now, what I can say is that we are lobbying for some alignment with the policymakers.
Commenting outside those discussions will not create the right environment for ongoing discussions.
</blockquote>
Economist Gift Mugano told the publication that blended inflation was a “rigged methodology”. Said Mugano:
<blockquote>
The major danger here is confidence as the government is not taking responsibility by putting the right measures. It’s like it has run out of ideas.
Government wants to reign in inflation from a rigged methodology and say our inflation is now below 100%.
They are not putting the right measures to deal with inflation and they are now going for rigging and I want to repeat this is pure rigging.
It sends the wrong message in showing that we have failed to deal with inflation.
</blockquote>
He argued that the way the prices are increasing in ZWL$ is different from the way the prices are increasing in US$, therefore, inflation should be calculated using the respective currency either in ZWL$ or US$ but separately. Said Mugano:
<blockquote>
A worker that is paid in ZWL$ is facing a steep price regime whereas the one earning in US$ is enjoying price stability.
It’s not correct to say that the prices in the US have annual inflation of 92%.
That is not correct because prices in hard currency have single-digit inflation.
This is totally misleading and uncalled for.
</blockquote>
In early March 2023, the Minister of Finance and Economic Development Mthuli Ncube promulgated Statutory Instrument 27 of 2023 which read in part, … ‘rate of inflation’ means the general increase in price levels of goods and services measured as a weighted average based on the use of Zimbabwean dollars and United States dollars over a given period of time.”
Using the blended rate, the Zimbabwe National Statistics Agency (ZIMSTAT) said the year-on-year inflation for March was 87.6% and 92.3% in February.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Accountants Engage Govt Over Weighted Blended Inflation Rate

The Minister of Finance and Economic Development Mthuli Ncube said that the government will maintain interest rates at par with inflation to promote the use of the Zimbabwe dollar in local transactions.
Ncube told the <a href="https://www.sundaynews.co.zw/fresh-moves-to-promote-use-of-local-currency/">Sunday News</a> that despite the rise in the use of US dollars in local transactions, nothing has changed in terms of the government’s focus on promoting the Zimbabwe dollar. Said Ncube:
<blockquote>
We are now maintaining interest rates that are at least at par with inflation. Our preference is for positive interest rates, that is what gives currency value. 
Maintaining positive interest rates is one way to maintain the value of the Zimbabwe dollar.
When individuals transact on a day-to-day basis using their mobile platforms, the mobile platform is basically the Zimbabwe dollar, which continues to be used widely. 
Some of the taxes that are collected are paid in Zimbabwe dollars. Then there is demand for those Zimbabwe dollars.
This is a policy that we have in place and it will continue. Nothing has changed in terms of focus on promoting our currency.
</blockquote>
The Zimbabwe National Statistics Agency (ZimStat) recently revealed that percent of local transactions are now in US dollars, with the remainder in local currency.
Furthermore, allocations from the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system have also declined, showing reduced demand for USD.
Ncube said partial dollarisation has helped the country circumvent sanctions which are making it difficult for the country to access affordable loans from international financial institutions (IFIs). He said:
<blockquote>
But because of the sanctions on Zimbabwe, we cannot access credit lines abroad easily.
This then compels us to find ways to ensure that US dollars are available for companies to harness and invest locally.
That is the reason why we are allowing US dollars to circulate. We are circumventing a constraint that we have.
We also subject our domestic currency to the full monetary policy framework.
That is why we have the Monetary Policy Committee, which makes sure that we do not allow money supply, the Zimbabwe dollar, to get out of control.
</blockquote>

Mthuli Says Govt To Maintain Interest Rates At Par With Inflation

The industries of Zimbabwe have demanded tougher action to combat persistent inflationary pressures.
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a> expressed concern about the sharp increase in month-to-month inflation towards the end of 2022, even after a drop in the annual rate.
Zimbabwe’s annual inflation rate dropped from a peak of 285% in August to 243% in December as the government proceeded to evaluate the terms of payment for commodities and the central bank stepped up its market-cooling operations.
CZI said additional austerity measures are required to lower the rate which is unquestionably the highest in the world.
 In its examination of inflationary tendencies for 2023 titled “2022 Inflation and Currency Developments Round-Up,” CZI said:
<blockquote>
Annual inflation ended the year 2022 at 243,8%, shrinking by 11,2 percentage points from the November inflation rate..
The December annual inflation rate was above the 2022 national budget end period target of between 15% and 20%, as well as above the February monetary policy statement target of 25% to 35%.
The beginning of the year is associated with new policy measures for the year, which may hold inflation down but (these) seem to fail to stay the course as it (inflation) surges again. Delayed policy responses seem to sustain high inflation or its upward movement.
</blockquote>
CZI said the sudden rise in December’s month-over-month inflation (2.4%) is cause for concern as it may indicate the need for new policies.
In Zimbabwe, inflation typically responds to depreciation in the exchange rate, particularly the rate on the black market which began to decline in December 2022. 
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ)’s <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-17-january-2023/">foreign currency auction results</a> on Tuesday show that the Zimbabwe dollar is currently trading at $732 to the US dollar, continuing its freefall versus the US dollar.
The Zimbabwe dollar is trading at $1100 to the US dollar on the black market up from $900 recorded last week.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Industries Demand Tougher Measures To Combat Inflation

Zimbabwe’s annual inflation slowed to 243,8% in December from 255% in November, the Standard reported citing a report issued by the Zimbabwe National Statistics Agency (ZIMSTAT) on Wednesday.
According to the report, month-on-month inflation for the month was 2.4%, higher than November’s 1.8%.
The statistics also showed an individual in the country now needs ZW$22 193 per month to afford basic needs. The report read:
<blockquote>
Total Consumption Poverty Line for one person stood at $29 219 in December 2022.
</blockquote>
Month-on-month inflation peaked this year at 30.7% in June.
The consumer price index (CPI) for December 2022 stood at 13 672 91 compared to 13 349 42 in November 2022.
Economist <a href="https://www.pindula.co.zw/Prosper_Chitambara">Prosper Chitambara</a> said inflation had slowed down, but prices were still shooting up. He told NewsDay:
<blockquote>
Two hundred and forty-three percent is still the highest inflation rate in the world and it creates a lot of challenges for the economy and consumers. The fact that it has slowed down does not mean that prices are going down. Our pricing is still on the very high side — look at fuel, bread and so on, they are still going up. As long as prices continue to increase, then it even makes it more difficult for the ordinary person to survive.
Secondly, when we look at our inflation figures, some scholars have argued that they don’t reflect the full extent of price developments in an economy that is now highly informal. So our official figures tend to understate the challenges with respect to price increases because they are based on a small formal segment whereas the economy has now been informalised to a greater extent.
</blockquote>
Some analysts believe the increase in month-on-month can be attributed to Christmas spending and the bonuses that were paid by various companies to their employees which increased aggregate demand.
Finance minister Mthuli Ncube has targeted to contain monthly inflation below 3% in 2023.
On trade statistics for November 2022, ZIMSTAT said the total value of exports increased from US$498.5 million in October 2022 to US$671.3 million in November 2022.
Imports increased from US$758.8 million in October to US$797.9 million in November 2022.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe’s Annual Inflation Slows In December 2022 - ZIMSTAT

A new World Bank report has ranked Zimbabwe as the country with the highest food price inflation in the world.
This is despite <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">official figures showing that price levels have been trending downward</a> in recent months.
The continuation of restrictions on fertilizer exports from the Black Sea region, sanctions on exports from Belarus, and China’s fertilizer export ban could further destabilise tight fertilizer markets, <a href="https://thenewshawks.com/zim-still-has-highest-food-inflation/">The News Hawks</a> reported citing the World Bank report.
The Breton Woods institution warns that if energy and fertilizer prices do not moderate in 2023 and 2024 as expected, food prices could increase substantially.
The report shows that Zimbabwe’s monthly food inflation increased by up to 30% this year.
Other countries which also reported high inflation, although lower than Zimbabwe, include Venezuela, conflict-hit Somalia and Lebanon.
If agricultural commodity prices increase, it is likely that the number of people facing food insecurity will continue to increase.
It is projected that the number of people subject to severe food insecurity will exceed 200 million in 2022. 
Populations most exposed to food crises typically live in countries facing extreme weather events and conflict, especially in Sub-Saharan Africa.
The World Bank says price spikes in food and agricultural commodities will affect vulnerable populations by limiting access to affordable staple foods, which can lead to widespread food insecurity.
Effects of climate change including flooding, drought, abnormal dryness, and cyclones, in East and southern Africa, place additional pressure on food security through agricultural production and price channels. 
Zimbabwe has over the greater part of the year been battling <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">rising inflation</a> and a <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-15-november-2022/">weakening domestic currency.</a>
Official figures show that the <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">year-on-year inflation rate for October 2022 decreased</a> to 268.8% from 280.4% in September 2022, while the month-on-month inflation rate in October 2022 was 3.2%, down from the September 2022 rate of 3.5%.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

New World Bank Report Says Zimbabwe Has The Highest Food Price Inflation Globally

Zimbabwe’s annual inflation rate fell to 106.3 per cent in August 2022, the Zimbabwe National Statistics Agency (ZIMSTAT) revealed on Friday.
In July, Zimbabwe’s annual inflation rate stood at 256.9 per cent. ZIMSTAT said:
<blockquote>
The month-on-month inflation rate in August 2022 was 6.6% shedding 9.5% on the July 2022 rate of 16.1%.
This means that prices as measured by the all items blended Consumer Price Index (CPI) increased by an average of 6.6% from July 2022 to August 2022.
</blockquote>
During the month, the Food Poverty Line (FPL) for one person in August 2022 was $20.461.
The Total Consumption Poverty Line (TCPL) for one person, a measure which sums up the combined cost of living for one person stood at $26.623.00 in August 2022. Said ZIMSTAT:
<blockquote>
ZIMSTAT produces the official Poverty Datum Lines which are not comparable to cost of living indicators produced by other players in the market.
</blockquote>
The significant fall in the inflation rate follows a raft of measures put in place by the Reserve Bank of Zimbabwe (RBZ) over the past few months.
These include hiking interest rates on loans, accelerating the mopping up of excess liquidity in the economy and introducing gold coins as an alternative store of value among other measures.

Annual Inflation Falls To 106.3% In August - ZIMSTAT

Zimbabwe’s annual inflation rose to 256.9 per cent in July 2022, data released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Friday showed.
In June, the country’s annual inflation stood at 191.6 per cent. 
The July inflation rate has almost doubled from May. Inflation is now at its highest since February 2021, when it hit 321.59 per cent.
Meanwhile, the month-on-month inflation rate in July 2022 was 25.6 per cent shedding 5.1 percentage points on the June 2022 rate of 30.7 per cent.
ZIMSTAT said the Consumer Price Index (CPI) for the month ending July 2022 stood at 10,932.83 compared to 8,707.35 in June 2022 and 3,062.93 in July 2021.
On the Blended Consumer Price Index, ZIMSTAT said the month-on-month inflation rate in July 2022 was 16.1 per cent shedding 1.9 percentage points on the June 2022 rate of 18.0 per cent. ZIMSTAT added:
<blockquote>
The year-on-year inflation rate (annual percentage change) for the month of July 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 96.1 per cent.
The blended CPI for the month ending July 2022 stood at 238.43 compared to 205.39 in June 2022 and 121.61 in July 2021.
Poverty Datum Lines – July 2022 The Food Poverty Line (FPL) for one person in July 2022 was $17,909.00
The Total Consumption Poverty Line (TCPL) for one person stood at $23,479.00 in July 2022.
</blockquote>

Zimbabwe’s Annual Inflation Jumps To 256.9% In July

The Zimbabwe National Chamber of Commerce (ZNCC) says the Government and business should stop “blame games” and work together to end the country’s economic challenges.
Zimbabwe is experiencing runaway inflation which rose to 191.60% for the month of June as well as a rapidly depreciating Zimbabwean dollar which is now trading at around ZW$750 to the US dollar.
President Emmerson Mnangagwa has accused business of sabotaging his government through the increase in prices of basic goods.
But speaking in a wide-ranging interview with The Zimbabwe Independent, newly-elected ZNCC president Mike Kamungeremu said the mudslinging should stop. He said:
<blockquote>
Through continued and truthful engagement with our policymakers, we want to ensure that the blame game between the private sector and the government is put to rest.
Surely, prices cannot remain constant when the cost of production is going up; you look at the electricity tariffs, fuel prices, transport costs, bank charges, regulatory fees, and water tariffs, among others, they are all going up.
These are the main cost drivers, especially with an unstable rate of exchange (runaway parallel market rate).
</blockquote>
Kamungeremu said the Government should allow companies to pay all their taxes in Zimbabwe dollars as this will boost confidence in the local currency. He said:
<blockquote>
All government taxes must be paid in local currency so that government is not seen as rejecting its own currency.
If the issuer of the currency cannot accept it, who then do they expect to accept it?.
Right now ZIMRA (Zimbabwe Revenue Authority) is penalising companies that paid corporate tax in Zimbabwe dollars after transacting in US dollars for the years 2019 and 2020 despite companies trying to demonstrate that all the US dollars earned were consumed by costs and profit was realised in local currency.
</blockquote>
<h4>More: <a href="https://www.theindependent.co.zw/2022/07/08/blame-game-must-come-to-an-end-zncc/">The Zimbabwe Independent</a></h4>

Mudslinging Must Come To An End - ZNCC

Local economic commentators have accused the Government of using the Russian invasion of Ukraine as a scapegoat for its failure to manage the country’s ailing economy.
Zimbabwe is experiencing three-digit inflation now close to 200% year on year, with prices of basic foodstuffs especially cooking oil, mealie-meal and bread now out of the reach of many.
On Monday, Women’s Affairs, Small and Medium Enterprises minister Sithembiso Nyoni told delegates at the Micro, Small and Medium Enterprises (SMEs) day in Harare that “some of the things that are happening are really not our fault”.
However, Vince Musewe, an economist, said while the Ukraine-Russian war has contributed to price increases across the globe, the Government is being dishonest by trying to blame the war for all the country’s woes. Said Musewe:
<blockquote>
Politicians always want to find scapegoats but in Zimbabwe, we have other issues that have caused the economy not to perform well.
The issue of RTGS-US$ rates has caused inflation in Zimbabwe. Yes, we know that Russia and Ukraine are major exporters of wheat.
Russia is also a major producer of oil. This is bound to cause disruption in the world market but to blame that as the major reason for our economic problems is not being honest.
</blockquote>
Analyst Farai Gwenhure argued that Zimbabwe’s economy was in crisis long before Russia invaded its neighbour. Said Gwenhure:
<blockquote>
When the government talks about how the war has caused suffering in Zimbabwe, one tends to think that the country was performing very well and developing at a supersonic speed before the Russia-Ukraine conflict.
The truth is the war is affecting the country because the economy was already been in the doldrums.
It’s like a chronic patient getting coronavirus. The result can be devastating.
</blockquote>
<h4>More: <a href="https://www.newsday.co.zw/2022/07/govt-hiding-behind-ukraine-russia-war/">NewsDay</a></h4>

Economists Accuse Govt Of Hiding Behind Ukraine-Russia War

Zimbabwe’s annual inflation rose to 191.6 per cent in June, data released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Saturday showed.
In May, the country’s annual inflation stood at 131.7 per cent.
Month-on-month inflation was 30.7 per cent gaining 9.7 percentage points on the May 2022 rate of 21.0 per cent.
ZIMSTAT said the Consumer Price Index (CPI) for the month ending June 2022 stood at 8,707.35 compared to 6,662.17 in May 2022 and 2,986.44 in June 2021.
On the Blended Consumer Price Index, ZIMSTAT said the month-on-month inflation rate in June 2022 was 18.0 per cent gaining 9.3 percentage points on the May 2022 rate of 8.7 per cent. It added:
<blockquote>
The year-on-year inflation rate (annual percentage change) for the month of June 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 70.0 per cent.
The blended CPI for the month ending June 2022 stood at 205.39 compared to 174.03 in May 2022 and 120.80 in June 2021.
</blockquote>
Meanwhile, President Emmerson Mnangagwa was on Saturday is expected to announce measures to address the price rises in basic grocery items and services since the beginning of the year.
The prices of basic goods and services, including fuel, transport, electricity, and school fees, among others, have been rising since the beginning of the year.

Zimbabwe's Annual Inflation Rises To 191.6%

Zimbabwe National Chamber of Commerce (ZNCC) vice president, Mike Kamungeremu, said there is a need for greater consistency on policy measures and fulfilment of promises by the Government to instil confidence in the volatile economy.
Kamungeremu said authorities have failed to clear the auction market backlog despite making numerous promises.
He was speaking during a panel discussion at the Political Actors Dialogue (POLAD) currency indaba in Harare on Thursday. Kamungeremu said:
<blockquote>
Foreign currency auction has worked but it has worked at some point, but as we speak right now as a business we are almost desperate.
With the backlog that is there, it is very difficult, we have had calls for the clearing of the backlog made and several promises have been made, but unfortunately, those promises have not been fulfilled and that is a critical issue.
That touches on the aspect of confidence, when I hear promises being made and I have money that has been in the queue (at the auction) since January, I will not have confidence, this is why we then see problems happening on the currency front because the currency is just a derivative of what is obtaining in the broader economy.
</blockquote>
He also queried why the Government was not prosecuting alleged perpetrators of currency manipulation. Said Kamungeremu:
<blockquote>
Reserve Bank of Zimbabwe has been making a number of pronouncements and they have been promising to take action against those that are known, we believe RBZ knows everything and we expect them to take action.
We have heard that there are people sabotaging the economy, and manipulating the system but what we want to see is more action.
We should have seen some form of punishment for them, we implore the central bank to take action so that we do not punish everyone.
There is a lot of arbitrage taking place emanating from the disparities in the exchange rates.
Action needs to be taken, to reduce the chances of arbitrage and chances for corruption.
</blockquote>
Zimbabwe’s annual inflation rate for May 2022 rose to 131.7 per cent from 96.4 per cent in April this year.
<h4>More: <a href="https://www.businessweekly.co.zw/businesses-demand-action-consistency-from-govt/">Business Weekly</a></h4>

Business Demand Greater Policy Consistency, Fulfilment Of Promises

Steve Hanke, a professor of applied economics at Johns Hopkins University, says Zimbabwe should abandon its local currency and officially adopt the US dollar to tame runaway inflation.
According to Hanke’s Inflation Dashboard, Zimbabwe currently has the highest rate of inflation in the world at 244 per cent followed by Lebanon whose rate of inflation is 161 per cent.
According to figures released by the Zimbabwe National Statistics Agency (ZimStat) about a month ago, the country’s year-on-year inflation was 96.40 per cent. Lebanon’s official inflation rate is 208.13 per cent. <a href="https://twitter.com/steve_hanke/status/1528759910279925764?s=20&amp;t=DBJutflAi-dsMo38zpZF2A">Said, Hanke</a>:
<blockquote>
In this week’s inflation table, #Zimbabwe takes the 1st prize. On May 19, I measured Zimbabwe’s #inflation at 244%/yr.
Almost 3x the official inflation rate of 96.4%/yr. It’s time for Zimbabwe to dump the Zim Dollar &amp; officially adopt the USD.
</blockquote>
However, the Zimbabwean Government, despite promoting the use of the US dollar in domestic transactions, insists it has no plans to dump the Zimbabwe dollar.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FTc6krDXoAIMWO0?format=png&amp;name=small"/>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

It's Time For Zimbabwe To Dump Its Local Currency - Hanke

The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya now expects the annual inflation rate to end the year between 35 per cent and 53 per cent, up from an earlier estimate of 25 per cent to 35 per cent. 
Mangudya attributes the change to the rising parallel market rates. The central bank’s governor said in the statement dated September 27: 

<blockquote>
Developments on the parallel market for foreign exchange are likely to exert further inflationary pressures in the economy.
In view of recent developments, annual inflation is likely to end the year between 35 percent to 53 percent, up from the revised year-end targets of between 25 percent and 35 percent.
</blockquote>
Meanwhile, the month-on-month inflation rate in September was at 4.73 per cent, representing an increase of 0.55 per cent from the August 2021 rate of 4.18 per cent.
On the black market, the Zimbabwe dollar has weakened from around 130 to the U.S. dollar in April to about 200 for electronic transactions.
The official rate has gone from about 84 to 87 to the United States dollar.
The Central bank recently announced measures to curb the parallel market rate. 

In addition to efforts being made by the central bank, Treasury has also said it will get the Zimbabwe Revenue Authority to carry out impromptu audits of corporate activities.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Projects Year-End Inflation To Be Higher Than Expected

The <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> Tuesday announced that year on year inflation had fallen to 659.4% in the month of September 2020.
This comes after the <a href="https://www.pindula.co.zw/Zimbabwe_Inflation_Rates">inflation rate</a> also went down to 761 in the month of August 2020 from 837% reached in July this year. Said the statistics agency:
<blockquote>The year on year inflation rate for the month of September 2020 as measured by all the items Consumer Price Index stood at 659.4%.</blockquote>
<a href="https://www.pindula.co.zw/Consumer_Price_Index_(CPI)">Consumer Price Index (CPI)</a> for September 2020 saw the month on month inflation rate in September falling to 3.83% down from 8.44 % in August. Zimstat said:
<blockquote>The CPI for the month ending September 2020 stood at 2 205 compared to 2 123 in August 2020.The month on month inflation rate in September 2020 was -0.47 % shedding 1.88 percentage points on the August 2020 rate of 1.41%.</blockquote>
The government has over the recent past months been implementing a cocktail of measures premised at containing the inflation that had eroded incomes of many Zimbabweans.
For instance, the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> ordered the closure of mobile money platforms including <a href="https://www.pindula.co.zw/EcoCash">Ecocash</a> and One Money Agent lines which had been accused of fuelling illegal foreign currency dealing.
More: <a href="https://www.newzimbabwe.com/zim-annual-inflation-reduces-to-659/" rel="noopener noreferrer" target="_blank">NewZimbabwe</a>

Zimbabwe's Annual Inflation Drops In September

Zimbabwe Statistical Agency has published the inflation rate statistics for the month of August and it has stated that annual inflation at the end of August 2020 went down by close to 76% to 761.02% <a href="https://news.pindula.co.zw/2020/08/15/annual-inflation-pass-the-800-mark-in-july/">as compared to last months’ statistics which put annual inflation above 837%.</a>
The update was posted by the agency on Twitter in a post that reads:
<blockquote>1/ <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/August2020CPI?src=hashtag_click" role="link">#August2020CPI</a> <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/ConsumerPriceIndexZW?src=hashtag_click" role="link">#ConsumerPriceIndexZW</a> The month on month inflation rate in August 2020 was 8.44% shedding 27.09 percentage points on the July 2020 rate of 35.53%
2/ The year on year inflation rate (annual percentage change) for the month of August 2020 as measured by all items <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/CPI?src=hashtag_click" role="link">#CPI</a> stood at 761.02% The <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/CPI?src=hashtag_click" role="link">#CPI</a> for the month ending August 2020 stood at 2,123.97 compared to 1,958.72 in July 2020 &amp; 246.68 in August 2019
3/<a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/BlendedCPI_August2020?src=hashtag_click" role="link">#BlendedCPI_August2020</a> The month on month inflation rate in August 2020 was 1.41% shedding 15.24 percentage points on the July 2020 rate of 16.65%
4/ The year on year inflation rate (annual percentage change) for the month of August 2020 as measured by all items <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/BlendedCPI?src=hashtag_click" role="link">#BlendedCPI</a> stood at 420.91% The <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/BlendedCPI?src=hashtag_click" role="link">#BlendedCPI</a> for the month ending August 2020 stood at 101.41 compared to 100.00 in July 2020 and 19.47 in August 2019. </blockquote>
The government has over the last few months introduced a cocktail of measures to try and contain the runaway inflation including banning some mobile money transactions and suspending some counters off the Zimbabwe stock exchange to try and starve off black market activities they said were fueling the exchange rate which was spiralling out of control.
Source: <a href="https://twitter.com/zimstat/status/1305796265612136449?s=20">ZimStat Twitter </a>

Inflation Now At 761% - ZimStat

Zimbabwe has been listed amongst countries with the highest inflation in 2019. According to the International Monetary Fund (IMF), Zimbabwe was only second to Venezuela.
This comes when Zimbabwe’s Finance Minister, <a href="https://news.pindula.co.zw/2019/10/09/govt-says-inflation-to-significantly-drop-this-year-forex-availability-to-improve/">Professor Mthuli Ncube, has projected that inflation will be managed until it reaches its lowest levels in both 2019 and 2020.</a>
In his <a href="https://news.pindula.co.zw/2018/10/25/download-pdf-2019-pre-budget-strategy-paper/">Pre-Budget Strategy Paper (BSP)</a>, Ncube projected that the month on month inflation that was said to be around 37 percent in June would drop to 10 percent in 2019 before further falling to around 2 percent at the end of 2020.
Below is the list compiled by IMF.
<blockquote>
<ol>
<li>Venezuela: 10,000,000%</li>
<li>Zimbabwe: 73%</li>
<li>Sudan: 49%</li>
<li>Argentina: 43%</li>
<li>Iran: 37%</li>
<li>South Sudan: 24%</li>
<li>Liberia: 22%</li>
<li>Yemen: 20%</li>
<li>Angola: 17%</li>
<li>Turkey: 17%</li>
<li>Uzbekistan: 16%</li>
<li>Sierra Leone: 15%</li>
<li>Libya: 15%</li>
<li>Haiti: 14%</li>
<li>Egypt: 14%</li>
<li>Nigeria: 11%</li>
<li>Zambia: 10%</li>
<li>Ethiopia: 9%</li>
</ol>
(IMF)</blockquote>
Ncube’s projections, as indicated in <a href="https://news.pindula.co.zw/2019/11/14/download-the-2020-national-budget-speech-pdf/">the 2020 Budget</a>, are dependent upon the rains which the budget says will positively impact the Agriculture sector which in turn will have a trickle-down effect on other sectors.
More: <a href="https://twitter.com/spectatorindex/status/1212727744104206437">The Spectator Index</a>

Zimbabwe Among Countries With The Highest Inflation In 2019 - IMF

October has recorded a month on month inflation rate of 38.75% which VOA said is the highest for the last 4 months. The inflation rate shot from 17.7 in September to 37.85% in October.
The Zimstats month on month report is coming after IMF in September said Inflation had soared to almost 300% in August. Finance Minister has however said month on month inflation will drop to a single digit by the first quarter of 2020.
Zimstat will start publishing annual inflation rates in February next year after Mthuli’s directive that they stop publishing it till February 2020.
More: <a href="https://www.voazimbabwe.com/a/zimbabwe-food-month-on-month-inflation/5168130.html">VOA</a>

October Inflation Stands At 38.75% - Report

The National Building society in order to contain the effects of inflation has had to employ stringent measures to survive. This came to light as the building society was presenting their financials for the period ending 30 June 2019. The Chairman in a statement to Newsday gave the following results for the period ended 30 June 2019:
<blockquote>The financial institution reported total income of $13,9 million compared to $567 113 recorded in the previous year.
Net interest income was $4,2 million from $3,7 million in the prior period.
NBS’ loan book increased by 16% after its net loans and advances reached $94,991,387 compared to $81,596,257 in the previous year ended June 30, 2018.
“Despite the prevailing conditions in the macro-economic environment, the society’s loan book has grown by 16%,” Kudenga said.
The bank’s total assets increased by 4,2% after it had a total of   $247,809,479 in the period ended June 30, 2019  compared to a total of $237,624,342 that was restated on December 31, 2018.
The bank’s investment properties also increased 208% propelled by revaluation of land purchased in December 2016.
Cash and cash equivalent dropped significantly to $2,6 million from $12,1 million last year at the same time and this was attributed to fiscal and monetary measures taken by the authorities.
“Due to the endorsement of several monetary and fiscal policy reforms which have led to the decrease in liquidity and led to the increase of inflation rates in the macro-economic environment and for the Society, it has slowed down the balance sheet to 4% in 2019 compared to 10% in the same period in 2018</blockquote>
Inflation in August soared to close to <a href="https://news.pindula.co.zw/2019/09/28/zimbabwes-annual-inflation-rate-soar-to-almost-300-in-august-imf/">300% according to the IMF</a>. Most businesses have been forced to increase their prices on a daily basis to try and curb losses a move which has totally eroded the public’s purchasing power. The Government has said they are working with <a href="https://news.pindula.co.zw/2019/09/29/government-and-businesses-to-come-up-with-a-pricing-model-to-curb-citizens-purchasing-power-erosion/">businesses to try and find a pricing model. </a>
More: <a href="https://www.newsday.co.zw/2019/09/inflation-headache-for-nbs/">NewsDay</a>

Inflation Woes Bite NBS

Steve Hanke, an American applied economist at the Johns Hopkins University in Baltimore, Maryland and Senior Fellow and Director of the Troubled Currencies Project at the libertarian Cato Institute in Washington, DC has thrashed Zimbabwean government officials’ method of calculating inflation. Said, Hanke:
<blockquote>Zimbabwe’s annual inflation rate, measured accurately using PPP methodology, is 279%, almost 5 times the official, government rate.</blockquote>
<img alt="" class="aligncenter wp-image-80222 size-full" decoding="async" height="795" loading="lazy" sizes="(max-width: 1200px) 100vw, 1200px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/02/Hanke-Inflation.png" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/02/Hanke-Inflation.png 1200w, https://news.pindula.co.zw/wp-content/uploads/2019/02/Hanke-Inflation-300x199.png 300w, https://news.pindula.co.zw/wp-content/uploads/2019/02/Hanke-Inflation-768x509.png 768w, https://news.pindula.co.zw/wp-content/uploads/2019/02/Hanke-Inflation-1024x678.png 1024w, https://news.pindula.co.zw/wp-content/uploads/2019/02/Hanke-Inflation-600x398.png 600w" width="1200"/>

Zim's Annual Inflation Rate Is 279% - Steve Hanke

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