Zimbabwe’s annual inflation rate fell to 4.1% in its local currency in January — the first time the figure has fallen to single digits since 1997.
Authorities hailed it as a “historic milestone” after decades marred by hyperinflation and currency collapse.
The shift follows the rollout of central bank policies aimed at stabilizing prices since the gold-backed ZiG currency was launched in 2024. The ZiG — short for Zimbabwe Gold — is the country’s sixth attempt since 2009 to replace the US dollar as the nation’s main form of tender.
Harare, which has prioritized de-dollarizing its economy, wants the ZiG to be Zimbabwe’s sole currency by 2030.
Policymakers across Africa are trying to ease inflation to stabilize currencies, restore investor confidence, and rebuild household purchasing power after shocks caused by the COVID-19 pandemic and supply-chain disruptions.