Zim inflation drops to 194%

STAFF WRITER

Zimbabwe’s annual inflation shed 46.48 percentage points in April to  close the month at 194.07%, the Zimbabwe National Statistics Agency (ZimStats) said.

Inflation stood at 240.55% in March.

The drop points to a reduction in the rate of prices of goods and services largely due to a stable exchange rate.

The country’s official statistics agency said  month-on-month inflation also slowed down during the month to 1.58% from 2.26% in March.

Zimbabwe’s inflation, which peaked to 876% in May last year,  has been on the downward trend  since the introduction of the foreign currency auction system in June.