Zimbabwe inflation 540.16% year-on-year in February – Zimstats

PUBLISHED: Mon, 16 Mar 2020 14:09:04 GMT

HARARE (Reuters) – Zimbabwe’s year-on-year inflation was 540.16% in February, statistical agency Zimstat said, as the southern African nation resumed publishing annual consumer price data it suspended last year.

On a month-on-month basis, prices were up 13.52% during the same period compared to 2.23% during the previous month.

The central bank forecasts the annual inflation rate to fall to 50% by the end of the year but analysts say price pressures will remain elevated due to a weak exchange rate and shortages of food following a drought.

(Reporting by MacDonald Dzirutwe; Editing by Kim Coghill)

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