Zimbabwe’s monthly rate of inflation fell for the fourth consecutive month in October amid growing exchange rate stability while the annual rate recorded its second straight retreat as tight liquidity due to a coterie of policy interventions anchored the key fundamentals, official statistics show.

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.

Zimbabwe's annual inflation surged to 256.9 percent in July from 191.6 percent the previous month, the Zimbabwe National Statistics Agency said Friday.

Zimbabwe's central bank left its policy rate steady for the third time this year, saying there is still a need to maintain the current monetary policy stance that "has proven to be effective in combating inflation and fostering monetary stability in the economy."