By John Ikani
Triple-digit inflation has made a comeback in Zimbabwe, with annual inflation nearly doubling to an alarming 176% in June.
The resurgence of soaring prices has left consumer groups deeply concerned, as the average family now requires approximately 1 million Zimbabwe dollars ($150; £117) per month solely for food expenses.
The relentless increase in prices has taken a toll on the population, leading to a situation where many people can no longer afford basic groceries and are even forced to skip meals, as reported by the non-governmental organization Action Aid.
The Zimbabwean government, on its part, attributes the depreciation of the Zimbabwe dollar to currency speculators, who they claim have caused its value to plummet by over 90% since January.
Also, the prevalence of the US dollar as legal tender has further contributed to the local currency’s devaluation, as citizens gravitate towards the stability and reliability of the American currency.
In an attempt to revitalize the beleaguered Zimbabwe dollar, the government has recently instructed authorities to enforce certain duties and taxes exclusively in the local currency.
The move aims to stimulate demand for the struggling currency, but its success remains uncertain amidst the prevailing preference for the US dollar among the populace.
