(Xinhua) -- Zimbabwe's monthly inflation for August declined to 12.4 percent, shedding 13.2 percentage points from 25.6 percent the previous month, the Zimbabwe National Statistics Agency said Friday.
The downward spiral in monthly inflation for the third consecutive month follows a raft of measures that have been implemented by monetary authorities to tame inflation.
The measures include hiking the bank policy rate from 80 percent to 200 percent per annum and the introduction of gold coins to mop up excess liquidity from the market.
Zimbabwe's newly introduced gold coin is pictured in Harare, Zimbabwe, on July 25, 2022. (Photo by Shaun Jusa/Xinhua)
Monthly inflation was 30.7 percent in June before it further declined to 25.6 percent in July.
On the other hand, annual inflation for August surged to 285.0 percent, from 256.9 percent in July.
Zimbabwe has experienced inflationary pressures over the past seven months driven partly by external factors as well as exchange rate volatility.
Annual inflation has steadily risen from 60.7 percent in January to 285.0 percent in August.