Inflation continues to decline

Staff Reporter

Inflation in the country continues to decline every month following the Treasury`s measures to curb same, Harare Post has learnt.

A Government official who works in the Ministry of Finance and Economic Development has revealed to this publication that month-on-month (m-o-m) inflation for October has dropped to 3.2% from 3.5% last month in September.

“The month-on-month inflation has dropped by 0.3%.This means that inflation for this month (October) is now at 3.2%. In September last month, the inflation stood at 3.5%.This is excellent and it had been attributed to the Treasury`s measures to curb inflation,” said the official.

The official further stated that the year-on-year inflation rate for October 2022 stood at 268.8%, having declined by 11.6 percentage points from 280.4% recorded in September.

He highlighted that United States dollar (USD) inflation statistics for October 2022 are 3.0% (m-o-m) having risen from -0.7%.

Last month Treasury introduced gold coins as a measure to hedge against inflation and geopolitical risk. Treasury also tripled the lending rate from 80 percent to 200 percent per annum and raised the interest rate from 50 percent to 100 percent per annum as part of the measures to reduce inflation among other measures.