Year on Year inflation moves to 72.7% percent

By Davison Vandira

THE Zimbabwe National Statistics Agency (Zimstat) has released inflation figures for March showing a marginal increase of year on year inflation from 66.1 percent in February to 72.7 percent.

According to the statistics released by ZIMSTAT this Friday, the month on month inflation eased 0.4 percentage points from February’s rate of 3.1 percent to 2.7 percent.

Over the past 12 months, the month on month inflation has been relatively stable, averaging 2.3 percent.

While the year on year inflation increased by 6.6 percent over the past month, economic observers are content with the surge considering external shocks that have been affecting the economy.

The poverty datum line for the month under consideration registered a 6 percent growth to $7 062 from $6 660.29 the previous month.

In line with government’s devolution programme, ZIMSTAT also released provincial inflation statistics which show Harare as the province with the highest inflation for both month on month which is 7.6 percent and year on year at 78.3 percent.

According to economists, the pass through effects of exchange rate instability are perpetuating the undesirable increase in inflation, hence the urgent need to strictly pursue the announced tight monetary policy stance.

Zimbabwe’s fiscal and monetary authorities have put end of year inflation forecasts of 20 percent towards single digit figures in the vision 2030 economic journey.