Zimbabwe Inflation Rate Mom

Zimbabwe's monthly consumer inflation eased significantly to 11.7% in November 2024, down from 37.2% in October, marking the first decline in four months. The slowdown suggests that the volatility surrounding the country’s gold-backed currency, the ZiG, may be stabilizing. October’s sharp inflation spike was driven by a 43% devaluation of the ZiG by the central bank in late September, which had caused substantial price instability. The ZiG is experiencing its strongest performance against the dollar since then, gaining over 10% this month. Authorities have linked the ZiG's recent stability to the Reserve Bank of Zimbabwe's adoption of a tighter monetary stance. The bank, determined to curb excess liquidity and tame inflation, increased its key interest rate from 20% to 35% in September.