Zimbabwe monthly inflation at -3.0 % in March

HARARE – Zimbabwe's consumer inflation stood at -3 percent month-on-month in March compared to -3.1 percent in February, the Central Statistical Office said on Thursday.

The CSO did not release a yearly figure.

Zimbabwe has allowed the use of multiple foreign currencies to stem hyperinflation that destroyed the value of the Zimbabwe dollar.

Zimbabwe’s recorded a monthly inflation rate of -3.1 percent in February and -2.3 percent in January after the government revalued its currency and allowed the use of foreign currencies, official figures showed on Tuesday

The southern African country is grappling with a severe economic crisis and has allowed the use of foreign currencies to tame hyper-inflation.

The latest official data released in October showed inflation soared to an all-time high of 231 million percent year-on-year in July from 11.2 million percent the previous month.

Finance Minister Tendai Biti last week projected inflation would fall to just 10 percent by the end of this year as the use of foreign currency helps to stabilise prices.

Zimbabwe’s unity government between President Robert Mugabe’s party and the MDC of Prime Minister Morgan Tsvangirai has launched an economic recovery programme that envisages political reforms aimed at winning back stalled Western donor aid.