Zimbabwe’s consumer prices dipped 31,7% in July against the previous month but were still 362,9% higher year on year, the official statistics bureau said on Friday.
”The year-on-year inflation rate for the month of July as measured by the all-items consumer price index (CPI) stood at 362,9%, shedding 31,7% points on the June rate of 394,6%,” the Central Statistics Offices (CSO) said.
The increase in the annual rate of inflation was largely due to hikes in the prices of beverages, bread, cereals, meat, fruits and vegetables.
Zimbabwe’s central bank has set an inflation target of around 200% by the year end from more than 622,8% in January.
The Zimbabwean economy began sliding some four years ago and only started showing signs of slight improvement in recent months following remedial steps taken by the central bank.
Average annual inflation has been on a upward trend since 2000 when it stood at 55,9%, rising to 71% a year later and surpassing 600% two years later.
Zimbabwe has in recent years faced political, economic and social instability, with high unemployment and rising disease rates.
Local non-governmental organisations say up to 80% of Zimbabweans live under the poverty line and that between 60 and 80% of the employable population is without jobs.
The country has also been plagued by severe food shortages, caused partly by drought as well as the chaotic land redistribution programme. – Sapa-AFP