Monthly inflation down to -2.3 percent

March 24, 2009
HARARE (Reuters) - Zimbabwe recorded a monthly inflation rate of -3.1 percent in February and -2.3 percent in January after the government revalued its currency and allowed the use of foreign currencies, official figures showed on Tuesday.
The Central Statistical Office (CSO) did not release a yearly figure.
The country is grappling with a severe economic crisis and has allowed the use of foreign currencies to tame hyper-inflation.
The latest official data released in October showed inflation soared to an all-time high of 231 million percent year-on-year in July from 11.2 million percent the previous month.
Finance Minister Tendai Biti last week projected inflation would fall to just 10 percent by the end of this year as the use of foreign currency helps to stabilise prices.
Zimbabwe’s unity government between President Robert Mugabe’s party and the MDC of Prime Minister Morgan Tsvangirai has launched an economic recovery programme that envisages political reforms aimed at winning back stalled Western donor aid.