Zimbabwean inflation is beginning to stabilize, even with consumer prices increasing more than 500% on an annual basis, Finance Minister Mthuli Ncube said.<\/p>\n
Year-on-year inflation remains high, \u201cbut that\u2019s expected, that happens when you liberalize a currency,\u201d Ncube said Wednesday in an interview with Bloomberg Television at the World Economic Forum in Davos.<\/p>\n
After a decade of using a basket of foreign currencies, including the South African rand and the U.S. dollar, Zimbabwe last year reintroduced its own tender. It has plummeted to 17.1950 per dollar since a 1:1 peg was removed in February.<\/p>\n
The southern African nation\u2019s statistics agency suspended publishing year-on-year inflation data after June, when monthly inflation peaked at 39.3%. It still releases the consumer price index, which shows annual costs rose 521% in December, the most since a hyperinflation episode in 2009. While monthly price growth has cooled, it was still at 16.6% in December, whereas Ncube said in February it could be close to zero by the end of 2019.<\/p>\n
Still, investors can believe his government\u2019s pledge to rein in inflation because they have \u201cwalked the talk,\u201d he said.<\/p>\n
\u201cWe said that month-on-month inflation is going to be stabilizing and going to be dropping, that\u2019s what has been been happening,\u201d Ncube said. \u201cWe believe that we are on our way to dealing with inflation. It will take time, but we are headed there.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Zimbabwean inflation is beginning to stabilize, even with consumer prices increasing more than 500% on an annual basis, Finance Minister Mthuli Ncube said. Year-on-year inflation remains high, \u201cbut that\u2019s expected, that happens when you liberalize a currency,\u201d Ncube said Wednesday in an interview with Bloomberg Television at the World Economic Forum in Davos. After a […]<\/p>\n","protected":false},"author":84,"featured_media":15327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[239,807],"class_list":{"0":"post-18413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-economic-chaos","10":"tag-mthuli-ncube"},"yoast_head":"\n