Zimbabwe Inflation Rate Mom

Zimbabwe's monthly consumer inflation climbed to 10.5% in January 2025, a sharp increase from a four-month low of 3.7% in the prior month.The spike is primarily attributed to higher prices for food and housing, as well as water, electricity, gas, and other fuels, driven by the prolonged drought and the recent introduction of additional taxes. Zimbabwe's Finance Minister, Mthuli Ncube, introduced a range of new taxes in his latest budget, targeting areas such as sports betting and popular fast foods like French fries, burgers, and pizza, in a bid to boost government revenue amid the ongoing fiscal challenges facing the economy. Inflation in US dollar terms also accelerated to 11.5%, up from just 0.6% the month before. Meanwhile, the country’s gold-backed local currency, the ZIG, has depreciated nearly 2% so far this month.