Inflation slows down in Zim

Zimbabwe’s headline consumer inflation slowed to 2.76% year-on-year in March from 2.98% in February, data from the Zimstats national statistics agency showed today. On a month-on-month basis CPI also braked to 0.21% from 0.95%. Finance Minister Tendai Biti said the drop was due to a decline in the value of South Africa’s rand against the dollar, making Zimbabwe’s imports from its giant neighbour much cheaper. Zimbabwe uses a mixture of the dollar and rand, having scrapped its own currency in 2009 to end years of hyperinflation.

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