After much delays, ZIMSTAT the government agency tasked with calculating and publishing inflation information has finally come through. According to them, inflation for April stood at 17.64% which is 8.9% lower than March’s inflation.
Again before you jump for joy you should know that this fall does not mean prices went down. The lower inflation rate simply means that prices went up at a slower rate in April compared to March. The keyword being prices are still going up.
The year on year Inflation rate (annual percentage change) for the month of April as measured by the all items #CPI stood at 765.57%.
The #CPI for the month ending April 2020 stood at 953.36 compared to 810.40 in March 2020 and 110.14 in April 2019ZIMSTAT on Twitter
The train-wreck continues
Last year things were already bad with an annual inflation rate of 110.14% in April 2019. Things have never really improved from thereon and the slide has continued at an ever accelerating rate with prices going up on a weekly and sometimes daily basis mostly in response to the weakening Zimbabwean dollar.
The government has all but conceded defeat when it comes to controlling prices and inflation.
This agreement with VP Mohadi was done in good faith and based on moral suasion, but what we have noted is that the moratorium on the increase in prices has not worked and I want to admit that it is partly because of the cost of production, lack of foreign currency to bring raw materials needed for production and some of the borders have closed and prices have remained high.Industry and Commerce Minister Sekai Nzenza before before the Parliamentary Portfolio Committee on Industry and Commerce