Zimbabwe's month-on-month inflation rate fell sharply to 11.7% in November, down from 37.2% in October, according to data released Tuesday by the Zimbabwe National Statistics Agency (ZIMSTAT). 

“The month-on-month inflation rate was 11.7% in November 2024, a decline of 25.5 percentage points from the October 2024 rate of 37.2%,” ZIMSTAT reported. 

The decline in inflation reflects increased stability in the local currency, the Zimbabwe Gold (ZiG), following a significant 43% devaluation by the central bank in late September. The earlier devaluation had driven inflation to 37.2% in October, marking the first return to double-digit monthly inflation rates since August 2022. 

The improvement comes ahead of the 2025 national budget presentation by Finance Minister Mthuli Ncube, scheduled for Thursday. The budget is expected to include measures aimed at bolstering the use of the gold-backed ZiG to enhance economic stability. 

The stability of the ZiG is seen as a key factor in Zimbabwe's broader efforts to control inflation and restore confidence in its currency amidst ongoing economic challenges. (ILKHA)