HARARE – Annual inflation climbed nearly 4 percent in November amid higher electricity and gas prices, the Zimbabwe National Statistics Agency reported on Monday.
Inflation was higher at 21.6 percent from 17.8 percent in October.
Month-on-month inflation was 4.5 percent compared to 2.5 percent previously.
“For the month of November 2023, the consumer price index for housing, water, electricity, gas and other fuels had the highest contribution to the month-on-month change in inflation rate of 2.5 percent, followed by food and non-alcoholic beverages with a contribution of 1.5 percent,” Zimstat said.
Independent analysts question the government’s inflation figures, indicating that the real inflation is much higher.
Zimbabwe revised its inflation measure for the second time this year on September 28 to use a weighted average of items priced in Zimbabwean dollars and U.S. dollars. The earlier revision took place in February. Both led to a sharp drop in the inflation rate.
Previously the official rate was based only on items in the local currency.
“In terms of reporting, we are saying our inflation is low, yet on the ground inflation is hitting hard and causing serious poverty. So, there is a need for revision of how our inflation is calculated in Zimbabwe,” economist Busie Gomez said.
