This February Zimbabwe recorded inflation of about 540.16%, according to Zimbabwe statistical agency. The statistics were released on Monday, 16th of March.
According to the Zimbabwe statistics agency, the calculation of the inflation based on the Consumer Price Index (CPI) method – the calculation in the change in the price level that examines the weighted average of prices of goods and services; placed the inflation rate at 540.16%.
Last Year, 2019, the Zimbabwe government suspended the publication of the annual Consumer Price Index data when the country’s inflation hit 176% in June.
The country launched currency reforms in February 2020 including the introduction of the local currency and then banning the use of the United States dollars in an attempt to solve their monetary crises.
The country has been using the United States dollars as its official currency since 2009 after the county’s national currency hit hyperinflation of about 500 billion per cent.
