Zimbabwe inflation at 840pc

HARARE: Zimbabwe’s annual inflation rate soared to almost 840 per cent in July, the statistics agency said on Saturday, adding to the country’s desperate economic woes even as the government refused to acknowledge a growing sense of crisis.

The southern African nation has been grappling with more than a decade of hyperinflation triggered by economic mismanagement under ex-president Robert Mugabe, who was ousted by a military coup in 2017.

Many Zimbabweans have seen their savings evaporate and still struggle to afford basic commodities such as sugar and the staple cornmeal, with corruption and poverty rife.

The figures were published shortly after a government statement was issued saying that President Emmerson Mnangagwa had implemented policies “that result in a robust economy” and had kept the country “commendably stable”, denying any crisis.

The July inflation rate of 837.53pc, which was announced by the Zimbabwe National Statistics Agency on Twitter, compares with 737.3pc in June.