HARARE, Oct. 16 (Xinhua) -- Data released by the national statistics agency Zimstat on Monday showed that Zimbabwe recorded a sharp rise in annual inflation for the month of September to 0.78 percent from 0.14 percent a month earlier following arbitrary price increases of most basic commodities during the month.
The jump in prices, one of the highest since the country came out of deflation in March, was fueled by false social media messages that alleged impending shortages of basic commodities, leading to panic buying by consumers and a hike in exchange rates on foreign currency parallel market, according to the agency.
Zimbabweans engaged in panic buying of most basic food items last month after social media alleged that the goods will be in short supply due to on-going foreign currency shortages in the economy.
In recent months, retailers have also effected noticeable price increases on some basic commodities, citing high cost of procuring forex on the black market.
Despite the rise in yearly inflation, it remains below two percent targeted by government by year end.
