March 15, 2019 / 11:24 AM / 6 days ago

Zimbabwe inflation quickens to 59.39 percent year/year in February

A woman waits for customers at her mini grocery store in Mbare township outside Harare, Zimbabwe, November 27, 2017. REUTERS/Siphiwe Sibeko

HARARE (Reuters) - Zimbabwe’s inflation rose to a new ten-year high of 59.39 percent year-on-year in February from 56.9 percent in January, pushed by increases in the price of basic goods, the statistics agency Zimstats said on Friday.

On a monthly basis, prices increased 1.67 percent in February, compared to 10.75 percent the previous month.

Central bank governor John Mangudya said on Monday annual inflation should fall to between 10 and 15 percent by the end of the year but economists say the figure could be higher due to price pressures from the exchange rate and a drought.

Reporting by MacDonald Dzirutwe; Editing by Olivia Kumwenda-Mtambo

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