Zim Yearly Inflation Rises

“The year on year inflation rate for the month of November 2010 as measured by the Consumer Price Index stood at 4.2 percent, gaining 0.6 percentage points on the October rate of 3.6 percent,” ZimStats said in a statement released to the media.

“The month on month food and non alcoholic beverages inflation stood at 1.35 percent in November gaining 0.95 percentage points on the October rate of 0.40.”

Zimbabwe’s inflation which has been free falling over the years was tamed after the country introduced the multi-currency monetary regime which off-loaded the worthless local dollar for the United States dollars, South African rand and the Botswana pula.

Inflation has been ranging from negative digits to single digits over the last year and half since the formation of the unity government by President Robert Mugabe and Prime Minister Morgan Tsvangirai in February of 2009.

The country then shelved the introduction of the local dollar. The country’s economy has stabilised but unemployment remains high.

Finance Minister, Tendai Biti in his 2011 budget said the country’s economy is expected to grow by 8 percent and in 2011 he projected that the economy will grow by 9.3 percent.