Zimbabwe June Inflation hits 737%

indafrica July 16, 2020
Updated 2020/07/16 at 12:39 AM

HARARE – Zimbabwe’s inflation was at 737.26 percent year-on-year in June compared to 785.55 percent the previous month, as prices of basic goods continue to rise beyond the reach of most citizens, Zimstat, a state statistics body, said on Tuesday.

On a month-on-month basis, inflation jumped to 31.66 percent from 15.23 percent previously.

Inflation in Zimbabwe is one of the highest in the world.

Meanwhile, the Zimbabwe dollar shed 4.6 percent this week to trade at US$:Z$68.88 from Z$65.80 last week in the fourth foreign currency auction on Tuesday.

Zimbabwe abandoned a discredited fixed exchange rate of US$:Z$25 last month, opting instead for a weekly foreign currency auction system run by banks.

The local currency has lost value at every auction so far, as the rate continues to chase the black market exchange rate currently averaging US$:Z$100.

Source ZimLive

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