Inflation shoots to 175.66% in June

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Taurai Mangudhla

Zimbabwe’s annual inflation raced to 175,66 percent in June from 97,85 percent in May driven by a rise in the price of food and non-alcoholic beverages, latest figures show.

This comes after events posts the May 20 policy change saw a rise in the black market rates for forex with quotes rising as high as 13x to the US dollar.

The year on year food and non-alcoholic beverages inflation at 251,94 percent while the non-food inflation rate was 143,94 percent.

The month on month inflation rate in June 2019 was 39,26 percent gaining 26,72 percentage points on the May 2019 rate of 12,54 percent raising fears that the economy is heading towards hyperinflation.

“The month on month food and non-alcoholic beverages inflation rate stood at 55,07 percent in June 2019, gaining 37,44 percentage points on the May 2019 rate of 17,63 percent,” Zimstat said, adding the month on month non-food inflation rate stood at 31,23 percent, gaining 21,11 percentage points on the May 2019 rate of 10,12 percent.