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Inflation eases

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Zimbabwe’s annual inflation rate slowed to 5,3% last month after it peaked slightly above 6% in May, according to figures released by ZimStats, formerly Central Statistical Office, yesterday.
A budget review statement presented Wednesday also revised the country’s year-end projection downwards to 4,5% from 5,1%.
On a month-on-month basis, the inflation rate tumbled to -0,1% from 0,3% in May.
The rate of price increases decelerated after food and non-alcoholic beverages shed 1,18 basis points during the month to -0,61% from 0,57% the month before. Non-food inflation also slowed.
Early this month the Consumer Council of Zimbabwe said the average monthly consumer basket fell in June as leading retail chain stores ran promotions, mostly on fast-moving consumer goods, which cut prices.
But the prices have adjusted backwards, implying the fall in inflation in June, was largely seasonal and therefore tells us very little about the direction of prices.

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