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Business Writer
The country’s year-on-year inflation for July 2020, reached 837.53 percent, the highest in 10 years.
The month on month inflation rate in July 2020 was 35.53 percent gaining 3.87 percentage points on the June 2020 rate of 31.66 percent.
The month on month Food and Non-Alcoholic Beverages inflation rate stood at 37.99 percent in July 2020, gaining 0.26 percentage points on the June 2020 rate of 37.73 percent.
The month on month non-food inflation rate stood at 33.76 percent, gaining 6.15 percentage points on the June 2020 rate of 27.61 percent.
The inflation rate is a result of price increases that were witnessed in the country before and just after the introduction of the foreign currency auction system.
The country’s inflation is largely linked to the exchange rate and before the introduction of the auction system, parallel market exchange rates were largely used.
With the auction system now firmly established and parallel market rates coming off, inflation is expected to slow down for August.
Meanwhile, the blended inflation, which takes into account price changes in both Zimbabwe dollars as well as US dollars as measured by the all items blended Consumer Price Index (CPI) stood at 576.32 percent.
The blended month on month inflation rate in July 2020 was 34.80 percent gaining 9.36 percentage points on the June 2020 rate of 29.44 percent.
This means that prices, as measured by the all items, blended CPI increased by an average rate of 34.80 percent from June 2020 to July 2020.
Online Reporter