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In September, before the devaluation, consumer inflation was at 5.8%.
Zimbabwe’s consumer inflation surged to 37.2% in October in local currency terms, after a sharp devaluation of its currency. Zimbabwe’s central bank allowed the local gold-backed currency to fall over 40% in late September, to 24.3902 to the U.S. dollar. According to the central bank’s website, the currency has since fallen further, to 27.6880 to the dollar as of Friday.
In September, before the devaluation, consumer inflation was at 5.8%. The ZiG, launched in April is Zimbabwe’s sixth attempt at a stable currency in 15 years after the country experienced hyperinflation under leader Robert Mugabe. It was launched in April.
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The Southern African country has a history of hyperinflation. During the height of inflation from 2008 to 2009, it was difficult to measure Zimbabwe’s hyperinflation because the government of Zimbabwe stopped filing official inflation statistics. In April 2009, Zimbabwe stopped printing its currency, and currencies from other countries were used.
