Business

Zimbabwe inflation eases to 2,7%

Staff Reporter

Zimbabwe's inflation eased in March to 2,7%, down from 3% in February, thanks to lower prices for telecommunications and medicine.

Zimbabwe’s inflation eased in March to 2,7%, down from 3% in February, thanks to lower prices for telecommunications and medicine, the government said on Friday.

The Southern African country suffered a decade of runaway prices amid hyperinflation.

The economy stabilised after the government abandoned the worthless local currency in 2009, allowing trade in US dollars and other major foreign currencies.

The formation of a power-sharing government in 2009 by the main political rivals, President Robert Mugabe and Morgan Tsvangirai, has also brought stability to the economy.

But foreign investors have maintained a wait-and-see stance amid concerns over new equity regulations that seek to give locals majority stakes in foreign-owned companies.—AFP

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