Business Briefs

Zimbabwe inflation down to 106,6% for June

Zimbabwe’s annual inflation dropped by 55 percentage points to 106.6% in June down from 161.9% in May, but United States economist Steve Hanke says the country’s inflation was down to 62.05% as of last week.

Business had expressed fears that inflation could rise following the government clampdown on pricing using the black market rate instead of the foreign currency auction rate.

The auction rate is currently $85.37 to the United State dollar but Hanke says the black market rate is $142 to the greenback.

While there was a drop in annual inflation, month-on-month inflation went up for the second consecutive month, this time by 1.4 percentage points to 3.9%.

Zimbabwe is aiming to have inflation of below 10% by the end of the year. ■

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