Price Pressures Persist As Zimbabwe’s Annual Inflation Hits 95.8% In July

Zimbabwe’s annual inflation rate surged to 95.8% in July, up from 92.5% in June, reflecting the ongoing fragility of the country’s monetary system.

The figures, released by the Zimbabwe National Statistics Agency (ZimStat), point to sustained upward pressure on consumer prices, largely fuelled by rising costs of food, fuel, electricity, and other essential goods and services.

According to ZimStat, the ZiG (Zimbabwe Gold) annual inflation rate has shown a steady climb, rising from 92.1% in May to 92.5% in June, and now 95.8% in July. Month-on-month inflation for July stood at 1.6%, a notable increase from 0.3% in June.

In US dollar terms, annual inflation rose marginally to 14.4% in July, up from 14% in June and 13.9% in May. Month-on-month USD inflation also ticked up to 0.3%, reversing a -0.2% decline recorded in June.

The main contributors to inflation across both currencies were higher rental charges, increased utility bills, and fuel price hikes.

The Reserve Bank of Zimbabwe (RBZ) has projected elevated ZiG inflation through to September, with a potential easing towards 30% by the end of the year.

Related:

USD Month-on-Month Inflation Rate Down to 0.1% ZiG Annual Inflation Drops To 3.2% In July