Zimbabwe’s inflation soars to 131.7%

Harare, May 25, 2022 -Zimbabwe’s inflation rate jumped to 131.7 percent in May, the statistics office said Wednesday, as fallout from the Ukraine war hit an already battered economy.

Inflation reached triple digits for the first time since June last year with prices of cooking oil and bread leaping higher as a result of Russia’s invasion of Ukraine.

The government last week tried to tamp down prices by suspending import duty on basic commodities like cooking oil, rice and flour.

Inflation was already at 96.4 percent in April, the Zimbabwe National Statistical Agency said in a statement.

A foreign currency shortage has left local companies battling to buy supplies from overseas to produce goods in Zimbabwe.


The war in Ukraine has cut off a key supplier of wheat to Zimbabwe and also reduced supplies of farm chemicals for local crops.

Rising prices revive memories of hyperinflation seen more than a decade ago when inflation spiralled so far out of control that the central bank in 2008 issued a 100-trillion-dollar note, which has now become a collectors’ item.

The government then ditched the local currency and adopted the US dollar and the South African rand as legal tender.

But in 2019 the government reintroduced the Zimbabwean dollar, which is already rapidly declining in value.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.