ZIMBABWE’S year-on-year inflation spiked to 785,55 percent for the month of May 2020, according to data from the Zimbabwe National Statistical Agency (Zimstat) released yesterday.

The agency said that year-on-year inflation rate for last month increased by 785,55 percent.

“This means that prices as measured by the all items Consumer Price Index increased by an average of 785,55 percent between May 2020 and May 2019,” said Zimstat.

The agency also indicated that the month-on-month inflation rate in May 2020 was 15,13 percent shedding 2,51 percentage points on the April 2020 rate of 17,64 percent.

This means that prices as measured by the all items Consumer Price Index (CPI) increased by an average rate of 15,13 percent from April 2020 to May 2020.

“The month-on-month food and non alcoholic beverages inflation rate stood at 14,72 percent in May 2020, shedding 13,65 percentage points on the April rate of 28,37 percent.

“The month on month non-food inflation rate stood at 15,41 percent, gaining 4,03 percentage points on the April 2020 rate of 11,38 percent,” said the agency.

In March, the Government said the fiscal and monetary policies it is implementing will stabilise the exchange rate and keep under check, inflationary pressures, which have seen the annual inflation rate surging in recent months.

The rising inflation continues to limit options for consumers who have suffered diminishing spending power as prices relentlessly increase in response to changes on the exchange rate.

Treasury plans to liberalise the formal foreign currency trading system as part of measures to limit informal activities and ensure all the foreign exchange is traded through registered channels for the benefit of the economy-State media