Zimbabwe's Deflation Cools Further In February

Prices have stabilised somewhat since a power-sharing government set up by President Robert Mugabe and rival Prime Minister Morgan Tsvangirai more than a year ago adopted use of multiple foreign currencies to replace the Zimbabwe dollar, rendered worthless by hyperinflation.

On a month-on-month basis, inflation quickened to 1.0 percent in February from 0.7 percent previously.

The CSO started calculating price movements in United States dollars in the same month, and published the first set of annualised data under the system with the December 2009 print, when inflation stood at -7.7 percent year-on-year.

Zimbabwe’s inflation peaked at 500 billion percent — according to the IMF — as a decade-long political and economic crisis reached its height in December 2008. Reuters