HARARE – Zimbabwe’s inflation rate jumped to 676.39 percent year-on-year in March from 540.16 percent the previous month, statistical agency Zimstat said on Tuesday.
On a month-on-month basis, inflation increased to 26.59 percent during the same period compared to 13.52 percent in February, said Zimstat.
Last week, the World Food Programme (WFP) warned that inflation was pushing prices of staples beyond the means of most Zimbabweans, forcing families to eat less and sell off belongings or go into debt.
Zimbabwe is under a 21-day lockdown to slow the spread of the coronavirus, but some residents have complained this risks exacerbating the situation. More than 80 percent of the working population ekes out a living in the informal sector, leaving them with few protections.
The government says the lockdown is necessary to contain the spread of the virus, which has killed more than 81,000 people globally.
The WFP said 7.7 million Zimbabweans, half the population, need food aid after a devastating drought and cyclone last year. A lack of predictable rains this year has affected crops, compounding the situation.
The coronavirus pandemic has added to the pressure. Zimbabwe has recorded only three deaths and 18 cases, but economists predict it could face a second successive recession this year as the pandemic shuts down large parts of the global economy.
Zimbabwe’s mining industry, the largest single earner of foreign exchange, has already signalled that exports could fall by a quarter due to the effects of the new coronavirus.
“With most Zimbabweans already struggling to put food on the table, the Covid-19 pandemic risks even wider and deeper desperation,” Eddie Rowe, WFP director for Zimbabwe, said in a statement.
“We must all do our utmost to prevent this tragedy turning into a catastrophe.”
