Zimbabwe Annual Inflation Soars to 837%


Annual inflation in Zimbabwe accelerated to 837.53% in July, the Zimbabwe National Statistics Agency said on Saturday in a Twitter post. The year-on-year rate for June was 737.3%.

The monthly rate was 35.53%, up from 31.7% in June.

The southern African nation is struggling with food and fuel shortages and a local currency that has imploded since being re-introduced last year after a decade-long hiatus. The previous bout of hyperinflation, during which the annual rate of price growth surged to 500 billion percent, according to the IMF, forced the government to drop the Zimbabwe dollar and foreign currencies became legal tender in 2009.

The Zimbabwe dollar officially trades at 82.56 per U.S. dollar, after authorities abandoned a currency peg of 25:1, introduced in March.

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