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ZIMBABWE’S annual inflation eased by 70 percentage points in November, closing the month at 401.66 percent, latest official figures show.

Data released by the Zimbabwe National Statistics Agency (Zimstat) pointed to the Government’s success in its objective to bring down inflation to a target of around 366 percent by end of this year.

A combination of tight money supply, and relative success of the foreign exchange auction system introduced five months ago has managed to burst the inflation bubble.

Inflation, which peaked at 785 percent in May this year, has been on a gradual decline since, and stood at 471.25 percent in October.

“The year on year inflation rate (annual percentage change) for the month of November 2020 as measured by the all items Consumer Price Index (CPI) stood at 401.66 percent,” Zimstat said.

“This means that prices as measured by the all items CPI increased by an average of 401.66 percent between November 2019 and November 2020.”

Month-on-month inflation in November was 3.15 percent, down from 4.37 percent the previous month.

The Government has said it is targeting to bring down annual inflation to below 135 percent by the end of next year, while month-on-month is expected to average below one percent. – New Ziana