Inflation figures for Zimbabwe for the month of April 2019 are in and as expected the inflation rate is in the 70s. Overall inflation came in at 75.86% up from 66.8% the previous month.
The figure comes as no surprise because industries and sectors in Zimbabwe have basically taken turns at raising prices over the last month. Food inflation came in at 78.4% to continue its heavy influence on the inflation rate. The month on month inflation rate edged up to 5.52% up from the previous month’s measure at 4.4%. This signals a complete reversal of inflation slowing that had injected belief in Finance Minister Mthuli Ncube’s announcement that inflation will slow to single digits Year on Year in October 2019.
This maintains Zimbabwe’s position as the highest inflation rate in Africa and the second highest in the world behind Venezuela. Housing CPI measures costs associated with housing stood at 102.3 meaning at 2.3% increase from the March level of 100. Transport also increased to 103.1 up from 100 the previous month. Transport was at it’s highest in January 2019 post the fuel price hike.
Long story short there is little respite for Zimbabweans as prices continue to rise. It’s not hyperinflation yet, academically but it is certainly beyond bearable. Prices have increased 75.86% on average while salary increments, in the few cases they have been reported range between 15 and 30%. With many more price increases looming on the horizon including toll fees, fuel price and electricity tariffs the worst seems yet to come.