Zimbabwe’s inflation rate rose in March 2026 in both ZiG (ZWG) and USD terms, driven largely by increases in food and transport costs following recent fuel price hikes.
Figures released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Thursday, 26 March, show that annual ZiG inflation climbed to 4.4% in March, up from 3.8% in February.
Meanwhile, USD-denominated inflation increased to 1.3%, up from 0.9% the previous month. ZIMSTAT said:
“The ZWG month-on-month inflation rate was 0.5 per cent in March 2026, gaining 0.4 percentage points on the February 2026 rate of 0.1 per cent.
“The month-on-month inflation rate is given by the percentage change in the price index of the reference month compared with the index of the previous month.”
ZIMSTAT reported that the year-on-year inflation in ZiG, as measured by the all-items ZiG Consumer Price Index (CPI) for March 2026, rose to 4.4%, up 0.6 percentage points from February’s 3.8%. The Agency added:
“The year-on-year inflation rate is given by the percentage change in the price index of the reference month of a given year, compared with the price index of the same month in the previous year.
“For the month of March 2026, increases in the index were mainly observed on the Transport division followed by Food and Non Alcoholic Beverages division.”
ZIMSTAT said the month-on-month inflation rate in USD for March 2026 was 0.5%, up 0.4 percentage points from February’s rate of 0.1%.
The Agency explained that the month-on-month rate reflects the percentage change in the price index of the current month compared with that of the previous month. ZIMSTAT added:
“The USD year-on-year inflation rate (annual percentage change) for the month of March 2026 as measured by the all-items USD Consumer Price Index (CPI), was 1.3 percent, gaining 0.4 percentage points on the February 2026 rate of 0.9 percent.
“The year-on-year inflation rate is given by the percentage change in the price index of the reference month of a given year, compared with the price index of the same month in the previous year.
“For the month of March 2026, increases in the index were mainly contributed by Food and Non-Alcoholic Beverages and Transport divisions.”
In a statement issued earlier this week, Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu warned that monthly inflation is expected to rise in the coming months, driven by recent increases in fuel prices. He said:
“The increases in domestic fuel prices are likely to have second-round effects through adverse inflation expectations, which need an appropriate monetary policy response.
“While the recent oil price shock is expected to increase prices in the near-term, the MPC assessed that the month-on-month inflation will slightly increase in March, April and May 2026, before returning to its steady state levels from June 2026.
“As a result, there will be a slight level shift in annual ZiG inflation, which, however, will stay within the single-digit level throughout 2026 and the outlook.”
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