Zimbabwe Inflation Slows In November 2022 - ZMSTAT

Figures from the Zimbabwe National Statistics Agency (ZIMSTAT) suggest that November month-on-month inflation slowed to 1.8% while year-on-year slowed to 255 per cent.

In October, Zimbabwe’s annual inflation was 268.79% in October while month-on-month inflation was 3.2% in October. Pindula News presents an update issued by ZIMSTAT this Monday:

CONSUMER PRICE INDEX NOVEMBER 2022

The month-on-month inflation rate in November 2022 was 1.8 percent shedding 1.4 percentage points on the October 2022 rate of 3.2 percent.

The year-on-year inflation rate (annual percentage change) for the month of November 2022 as measured by the all items Consumer Price Index (CPI) stood at 255.0 percent.

The CPI for the month ending November 2022 stood at 13,349.42 compared to 13,113.95 in October 2022 and 3,760.86 in November 2021.

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Analysts attribute the drop to tight fiscal and monetary policy measures.

Meanwhile, Finance and Economic Development Minister, Professor Mthuli Ncube is targeting to keep monthly inflation at between 1 – 3% in 2023 while annual inflation is expected to drop to two digits.

FBC Holdings Limited (FBC) has, however, warned that the anticipated increased government expenditure for 2023 may threaten Ncube’s inflation outlook.

FBC which is one of Zimbabwe’s top financial institutions said unless carefully managed, there is likely to be pressure on money supply growth in the coming months owing to the government’s increased expenditure ahead of the 2023 harmonised elections and higher spending to fund the 2022/23 farming season.

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