[ad_1]
HARARE (Reuters) – Inflation in Zimbabwe hit a new 10-year high of 31.01 percent in November, up from 20.85 percent in October, after soaring prices for staple goods and high prices imports.
On a monthly basis, prices rose 9.2% in November, up from 16.44% in October.
Zimbabwe adopted the US dollar in 2009 after its own currency was made useless by hyperinflation.
But Zimbabweans have seen their bank accounts, called "zollars", lose value against cash in US dollars. That's because there are more Zollars in banks than cash dollars available in the US, according to analysts.
Data from the central bank indicates that $ 10 billion was held in electronic bank accounts but was less than $ 250 million.
On the black market, it takes $ 3.50 to buy $ 1 in cash, a situation that has led some companies to apply several prices for their products.
Zimstats said that food prices, including bread, beverages and clothing, had pushed the consumer price index up.
Last month, the finance minister announced in a statement of his budget that inflation would end the year at 25% before falling to a figure in 2019.
Reportage by MacDonald Dzirutwe; Edited by Joe Brock and Gareth Jones
Source link
