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Zimbabwe Inflation 540.16% Year-on-Year in February - Zimstats

FILE: Two elderly women shop for mealie meal and other basic commodities, March 14 2019, in the Mutoko rural area of Zimbabwe. Eastern Zimbabwe receives help to fight drought induced hunger.

HARARE (Reuters) - Zimbabwe’s year-on-year inflation was 540.16% in February, statistical agency Zimstat said, as the southern African nation resumed publishing annual consumer price data it suspended last year.

On a month-on-month basis, prices were up 13.52% during the same period compared to 2.23% during the previous month.

The central bank forecasts the annual inflation rate to fall to 50% by the end of the year but analysts say price pressures will remain elevated due to a weak exchange rate and shortages of food following a drought. (Reporting by MacDonald Dzirutwe; Editing by Kim Coghill)

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