Zimbabwe hikes fuel prices 12%, hitting inflation-weary consumers
Source: Zimbabwe hikes fuel prices 12%, hitting inflation-weary consumers – Reuters
HARARE (Reuters) – Zimbabwe has raised the price of petrol and diesel by 12%, the second increase this month, the energy regulator said on Tuesday, piling more pressure onto consumers hit by soaring inflation.
The last round of fuel price hikes on Oct. 5. saw prices rise 27% and was followed by a 320% increase in the cost of electricity, triggering a spike in the cost of basic goods such as sugar, maize meal and milk.
The latest hike has failed to ease nationwide shortages, with most of the fuel pumps in the capital still dry.
With prices surging, economists examining the official monthly data put inflation in September at 380%.
Hopes that the economy would quickly rebound under President Emmerson Mnangagwa, who took over after the late Robert Mugabe was deposed in a coup in 2017, have dimmed fast as ordinary people grapple with economic hardships.