Inflation rate in Zimbabwe 2024

Inflation in Zimbabwe rose to 10.6 percent in 2018, and is projected to jump dramatically to 161.81 percent in 2019. After that, estimates predict a 3 percent equilibrium for now - however, given Zimbabwe’s history of poor monetary policy, including one of the worst instances of hyperinflation, this seems unrealistic.

Inflation history

Inflation depends significantly on economic expectations of it, making it hard to reduce inflation once it has hit higher levels. This happened in Zimbabwe in the years approaching 2008, at the end of which a single U.S. dollar was worth over 2.6 trillion Zimbabwe dollars, up from 10,000 Zimbabwe dollars at the start of 2005. This all but destroyed Zimbabwe’s economy, leading to very low gross domestic product (GDP) per capita and a government struggling to finance itself.

The way ahead

In 2009, the Zimbabwean dollar had twelve zeros slashed from the banknotes. This was not enough, and after three decades of rule, former Zimbabwean president Robert Mugabe was removed from power at the end of 2017. Citizens of the country are trying to hold foreign banknotes; they prefer U.S. dollars or euros, but the South African rand is more common. However, the rand’s performance against other currencies has been lackluster in recent years. This underscores the struggle that the Zimbabwean people have to find a stable currency at the moment.

Zimbabwe: Inflation rate from 1984 to 2024

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Source

Release date

October 2019

Region

Zimbabwe

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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Statistics on "Zimbabwe"

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