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Zimbabwe inflation surges after currency devaluation

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Zimbabwe inflation surges after currency devaluation

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25th October 2024

By: Reuters

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Zimbabwe's consumer inflation surged to 37.2% month on month in October in local currency terms, data showed on Friday, after a sharp devaluation in the southern African country's currency.

Zimbabwe's central bank allowed the local gold-backed currency to fall over 40% in late September, to 24.3902 to the U.S. dollar. The currency has since fallen further, to 27.6880 to the dollar as of Friday, according to the central bank's website.

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In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.

The ZiG, which stands for Zimbabwe Gold, is Zimbabwe's sixth attempt at a stable currency in 15 years after a bout of hyperinflation under leader Robert Mugabe. It was launched in April.

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