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Zimbabwe inflation rises to -1.20 pct year-on-year in March

Xinhua, April 15, 2015 Adjust font size:

Zimbabwe's annual rate of inflation for March rose to -1.20 percent, gaining 0.19 percentage points on the February rate of -1.40 percent, the Zimbabwe National Statistics Agency said Wednesday.

Monthly inflation was also up, rising to -0.03 percent from -0. 07 percent in February.

Zimbabwe has been experiencing deflationary pressures over the past year due to subdued aggregate demand amid a slowdown in the economy.

The central bank has projected inflation to remain in the negative territory for the greater part of 2015, citing depressed international oil and food prices and weaker currencies against the U.S. dollar which is the main currency in use in Zimbabwe after the country adopted the multi-currency system in 2009. Endi