Zimbabwe’s annual rate of inflation for February climbed further to 59.39 percent from 56.90 percent in the previous month amid high cost of basic goods and fuel.

However, monthly inflation fell sharply to 1.67 percent from the January rate of 10.75 percent, according to statistics released by the Zimbabwe National Statistics Agency on Friday.

The Reserve Bank of Zimbabwe last month introduced a foreign currency inter-bank market in an effort to tame the parallel market which the government blames for fuelling price increases as most businesses source the scarce foreign currency from that market.

The local currency, which debuted at 2.5 against the U.S. dollar on Feb. 22, slightly weakened to 2.7 against the green back on Thursday this week. Enditem



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