Zimbabwe Inflation Rate Hits 10-Month High of 34.8%

The annual inflation rate in Zimbabwe quickened for the third month to hit a ten-month high of 34.8% in January 2024, up from 26.5% in December.

The major drivers of the inflation were prices of food and services including housing and electricity, partly to the ongoing depreciation of the domestic currency.

Monthly, consumer prices jumped by 6.6% in January, the most in seven months, after a 4.4% rise in the prior month.