Zimbabwe inflation soars to almost 840 percent

File: The July inflation rate of 837.53 percent, which was announced by the Zimbabwe National Statistics Agency on Twitter, compares with 737.3 percent in June.
File: The July inflation rate of 837.53 percent, which was announced by the Zimbabwe National Statistics Agency on Twitter, compares with 737.3 percent in June.

Zimbabwe’s annual inflation rate soared to almost 840 percent in July, the national statistics agency said on Saturday, adding to the country’s desperate economic woes.

Many Zimbabweans have seen their savings evaporate and still struggle to afford basic commodities such as sugar and the staple cornmeal.

The figures were published just as the government issued a statement saying President Emmerson Mnangagwa had implemented policies “that result in a robust economy” and had kept the country “commendably stable”.

The July inflation rate of 837.53 percent, which was announced by the Zimbabwe National Statistics Agency on Twitter, compares with 737.3 percent in June.

Month-on-month, inflation stood at 35.53 percent in July, up from 31.66 percent in June.