Zimbabwe’s annual rate of inflation fell sharply to 56.37 percent in July from 106 percent the previous month, according to data released by the Zimbabwe National Statistics Agency (ZIMSTAT) on Tuesday.
July’s figure is within the range of 55 percent that had been projected by monetary authorities for the month.
“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,” ZIMSTAT said.
Monthly inflation slowed to 2.56 percent, shedding 1.32 percentage points from 3.88 percent in June.
Zimbabwe’s annual rate of inflation has been on a downward trend since it peaked at 837.53 percent in July last year, following the introduction of a foreign exchange auction trading system that has brought stability to the foreign exchange market.
The central bank has projected inflationary pressure in the country to remain subdued in the short to medium term due to a better agricultural season this year.
It projects annual inflation to fall to 25 percent by December this year. Enditem