In January, Zimbabwe’s Inflation Rate Increased by 10%

Zimbabwe’s inflation rate increased in January by 14.6% in US dollars and 10.5% in local currency, respectively, compared to the same month last year. Higher taxes and a regional drought last year, which pushed up food costs, are to blame for the rise in inflation, according to independent economist Prosper Chitambara.
In its most recent budget, the Finance Ministry notably imposed a 10% tax on sports betting profits and a 0.5% tax on fast food, both of which went into force this month.
Last April, Zimbabwe introduced a new currency backed by gold, but in September, it saw a significant devaluation. The U.S. dollar and other foreign currencies are still used in the majority of local transactions. The value of the Zimbabwean gold money has decreased after the devaluation. According to the central bank’s website, it was trading at about 26.3 to the dollar on Tuesday.
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