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Zimbabwe is now a hyperinflation economy, according to the Public Accountants and Auditors Board, which is mandated to regulate auditing and accounting standards in the southern African country.
A monthly consumer food basket tracked by the National Agricultural Marketing Council shows average year-on-year inflation of 4.1% – but the prices of some types of food rocketed far beyond that.
UK inflation has fallen to its lowest rate since the end of 2016, driven down by the price of computer games and clothing.
This is slightly lower than the projections of analysts, and within the target range of between 3% and 6% set by the SA Reserve Bank.
Zimbabwe’s finance minister responded to the country’s worsening economic crisis last week by blacking out inflation statistics for the next six months, boosting the price of the little power that’s available five-fold and admitting what the International Monetary Fund told him in April: the economy will contact for the first time since 2008.
The average cost of electricity for producers jumped by more than 30% in June as winter tariffs set in, an annual occurrence, according to Stats SA.
This is mid-point within the target range of between 3% and 6% set by the SA Reserve Bank and in line with the expectations of economists.
The main contributor to the rise was an increase in the prices of fuel, coal and petroleum prices.
Venezuela's annual inflation dropped below 1 million percent in May for the first time since 2018, according to the opposition-run congress.
The odds that the South African economy could experience a technical recession in 2019 are high, according to ratings agency Moody's.
The country is experiencing its worst economic crisis in a decade, recalling days of hyperinflation under Robert Mugabe.
Kganyago noted that economic activity remains weak.
Inflation for July eased to 4%. However, the SA Reserve Bank is likely to maintain a cautious stance before deciding to implement a rate cut, given the risk of a rating downgrade which still looms large.
A top business body, the Zimbabwe National Chamber of Commerce, said on Tuesday industry was ready for the new bank notes Finance Minister Mthuli Ncube says will be introduced soon - although a top economist argues that the struggling southern African country is not yet ready for a substantive currency of its own.
Zimbabwe will defer publication of year-on-year inflation until February next year due to the change in the currency regime, Finance Minister Mthuli Ncube told Parliament on Thursday.
PPI is a weighted index of prices that businesses charge at the wholesale or producer level for final manufactured goods.
People in Zimbabwe are worried about what could happen if their livelihoods are tied to the country's new currency.
South Africa’s annual inflation quickened in May, with the rate reaching the midpoint of the central bank’s target range as higher food and beverage prices contributed to the increase.
Last week Stats SA announced the economy shrank by 3.2% in the first three months of the year, the biggest drop a decade.
Residential property prices declined by 1.2% in real terms the past year.
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Cape Town Northern SuburbsPlacement Point (Pty) LtdR420 000.00 - R480 000.00 Per Year
Western CapeLiberty Financial Advisers
Apartments / Flats
R 2 495 000
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