Monthly Inflation Jumps Up In October, Finance Minister Projects It Would Slow Down

Finance Minister, Mthuli Ncube has projected that inflation in the country will slow down starting this year until it reaches about 2% by 2020.

Whilst presenting his 2020 Budget Statement in Parliament this Thursday, Ncube said:

Monthly inflation is expected to fall to single-digit from the first quarter of 2020 to close the year around 2% on the back of commitment by the RBZ to implement tight reserve money targeting framework as announced in the second 2019 Monetary Policy Statement.

Meanwhile, the ZimStat data published today (Friday) indicate that the monthly inflation rate in October was 38.75%, up 21.03 percentage points from September whilst annual inflation is now at 440%.

It means therefore that his projections are not in sync with reality on the ground.

More: NewZWire