Zimbabwe’s inflation soars to 42 percent

A woman shops in a supermarket in Harare, Zimbabwe May 20, 2017. REUTERS/Philimon Bulawayo

HARARE – Zimbabwe’s inflation hit a fresh 10-year high of 42.09 percent year-on-year in December, from 31.01 percent in November, driven by increases in the price of basic goods, the statistical agency Zimstats said on Thursday.

On a monthly basis, prices increased 9.01 percent during the same period compared to 9.20 percent in November.

Zimbabwe President Emmerson Mnangagwa on Wednesday called for calm as he vowed to tackle the “monumental task” of fixing the shattered economy that has sparked violent protests this week.

“Resolving Zimbabwe’s economic challenges is a monumental task… We are moving in the right direction. We will get there,” he said on Twitter. “I call for calm and peace from all of our brothers and sisters.”

Nationwide protests erupted on Monday after Mnangagwa’s announcement that fuel would more than double in price as the country’s economic crisis deepens.

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Reuters