Zimbabwe’s February 2024 year-on-year inflation as measured by the all-items Consumer Price Index (CPI), rose to 47.6%, the Zimbabwe National Statistics Agency (ZIMSTAT) reported on Thursday.
As reported by NewZimbabwe.com, the latest increase is the fourth in a row since the statistics agency changed its price measure on 28 September to better reflect the use of US dollars in the economy.
The greenback now dominates domestic transactions, with about 80% of all transactions in the country in US dollars.
In contrast, the month-on-month inflation rate fell to 5.4% in February 2024, shedding 1.2% on the January 2024 rate of 6.6%.
This means that prices increased by an average of 5.4% between January 2024 and February 2024.
This comes after manufacturers continue to increase prices which they blame on the introduction of new taxes and rising costs of electricity.
SOURCE : PINDULA NEWS
