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Zimbabwe inflation slows for third straight month in September

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Bloomberg


Zimbabwe’s consumer inflation rate fell for a third straight month in September.

Prices climbed 17.7% from August, compared with 18.1% in the previous month, the Zimbabwe National Statistics Agency said in an emailed statement on Tuesday. It’s the third consecutive month that price growth slowed after it reached 39.3% in June.

The central bank raised its main interest rate to 70% in September to stabilise a plummeting currency and rein in inflation. Annual price growth surged to 175.7% in June as shortages of food and fuel pushed up costs and the official exchange rate weakened.

The southern African nation won’t report year-on-year inflation figures until February 2020, arguing that it needs the time to collect comparable data after the introduction of a new currency earlier this year. The annual rate is estimated in a range of 230% to 570%.