Zimbabwe’s inflation rate plunges to 11.7% in Nov.

Zimbabwe’s inflation rate dropped to 11.7 per cent in November 2024 from 37.2 per cent the previous month, according to the Zimbabwe National Statistics Agency (ZIMSTAT).

The ZIMSTAT attributed the decline to the recent stabilisation of the local currency, the Zimbabwe Gold (ZiG), which underwent a 43 per cent devaluation in late September.

The sharp devaluation in September had led to a surge in inflation, reaching 37.2 per cent in October. However, subsequent stabilisation measures have contributed to the significant drop in the November inflation rate.

Finance Minister Mthuli Ncube is scheduled to present the 2025 national budget on Thursday, where he is expected to announce further measures to promote the use of the gold-backed ZiG within the economy.

Attribution: Reuters

Subediting: Y.Yasser