Chronicle Editor
Bongani Ndlovu, Online Reporter
President Emmerson Mnangagwa says Zimbabwe is on the cusp of greatness after the country recorded a 56 percent decline in inflation for the first time in two years.
Sharing an article by media house Bloomberg, titled, After two years of three digits, Zimbabwe inflation drops to 56%, President Mnangagwa said this was more good news for the country.
“More good news for Zimbabwe. Inflation dropping, exports rising by 9.5% since April, biggest harvest in 20 years. Zimbabweans – we are on the cusp of greatness,” he posted on his Twitter page.
In its latest report, the Zimbabwe National Statistics Agency (Zimstat) said “Zimbabwe’s annual inflation for the month of July 2021 slowed down to 56,37 percent, latest data show.
The decline, which reflects a 50,27 percentage points from the June 2021 figures of 106,64 percent, is in line with the Reserve Bank of Zimbabwe’s (RBZ’s) target of 55 percent by this month.
“The year-on-year inflation rate (annual percentage change) for the month of July 2021 as measured by the all-items Consumer Price Index (CPI) stood at 56,37 percent.
“This means that prices as measured by the all-items CPI increased by an average of 56.37 percent between July 2020 and July 2021.”
The agency also said the month-on-month rate of inflation in July declined to 2,56 percent from last month’s rate of 3,88 percent.
” This means that prices as measured by the all-items CPI increased by an average rate of 2,56 percent from June 2021 to July 2021,” said Zimstat.
@bonganinkunzi
Online Reporter