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Inflation To Drop To Less Than 100% In 2023 Says Mthuli

Inflation To Drop To Less Than 100% In 2023 Says Mthuli

Finance and Economic Development Minister Mthuli Ncube has predicted that inflation will drop to less than 100% next year following measures that have been put in place by the government to stabilise the economy.

The country’s annual consumer price inflation climbed further to 285% in August of 2022, from 256.9% in the prior month.

Addressing journalists on Monday in Harare, Ncube also said Zimbabwe’s gross domestic product (GDP) will grow by 5.5%. He said:

Next year we will have removed the froth in the economy. We expect growth to edge up again towards 5.5%. Year-on-year inflation next year will drop to less than 100%.

We can give you specific figures as we move towards year-end because we keep fine-tuning them.

In fact, when I present the 2023 budget in November I should be able to say something about our targeted inflation for 2023 in full.

He said economic growth will be driven by the mining and agricultural sectors.

Ncube said the government will continue to pay suppliers that meet the value for money criteria adding that in the last six weeks, the government paid $184 billion to the suppliers. He said:

These payments have been made to various players in the market, so it is not a fact that the government is not paying for goods and services.

As we move to implement the value-for-money process, we are committed to honouring all our obligations provided that they are priced correctly in the public interest, and such payments will not adversely impact the exchange rate and cause inflation.

Ncube said corruption had resulted in the rapid erosion of budgeted resources, which made it necessary to come up with a supplementary budget presented in July this year. | NewsDay

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20 Comments

Sir African 4 months ago

The thief who is fueling corruption and money money laundering. Hapana chinoxivikanwa except to assist Mnangagwa and his children lootthee country dry.


horribly 4 months ago

mining and agriculture sectors yet are the most inactive sectors on the age of corruption esp mining with daily looting of minerals hw cn that have a hand in economy yt enriching a few..agric terrible disaster with the sour iching high prices with only a few under comand agric will make it this season.. the funny part of it the same guys looting the minerals being on the other side rekumafetiraiza..boading a sinking ship


,,, dott 4 months ago

Itai basa vaMthuli zvinhu zvaku stabiliser keep e good work


Nimrod 4 months ago

some people are pathetic kushaya zvekukuridzira here? these gvt guys are doing nothing progressive

factos 4 months ago

while the opposite is true Msuli Ncube


terminator 4 months ago

to hell with this thief


Nimrod 4 months ago

Nonsense. it's possible kana mabva panyanga. inotosvikaku single digit


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Y oh 4 months ago

The economic matrix should not be policised at all. That's the best that can be done in these economically terrifying circumstances. Propaganda should be removed from matters economic.


Y oh 4 months ago

The economic matrix should not be politicised*


Chief inspector 4 months ago

There's always disparity between statements and the policies introduced by Ncube.

If there's is one thing he knows is to TAX people. TAX, TAX , TAX!!!. If only Zimbabweans knew how much tax burden we have we would be afraid of the next budget(burden).

There's 4% IMT, VAT tax, PAYE and a raft of vampiresome measures meant to drain all the money from us. We pay them yet they fail to deliver. Those laptops were meant to be paid by our money. Those 30 dollar chickens were being paid through our money.

Ndopaunonzwa rimwe richite ED pfee. Go get a reality check


Inflator 4 months ago

Will today's auction see $630????


4 months ago

Narcissistic c*nt. go and get a life mhani basa kunyepera vanhu pano...


Cde hondo 4 months ago

Yu failed to run barbican bank, how can yu run economy. Resign


Gwedu 4 months ago

Not true coz we have already dollarized kaapa. No bond papers no ecocash saka manjw


Machiavelli 4 months ago

Month on month inflation has just jumped up by almost 30%, annual inflation is in 3digit figures as well, projected economic growth is in low single digits. How on earth can a whole Minister predict 100% inflation as an achievement? Boggles the mind. The USA is worried that inflation has hit 9%, and yet here we have a purported Professor beating his chest targeting 100% inflation. Such lunacy I still have to see.

I don't see where his optimism comes from because none of his policies are able to tame inflation. You can't target 100% inflation with 200% lending rates. Yo cannot have growth when interest rates are negative. Savings deposits at 40% interest against borrowings at 200% is not just feasible. That just promotes consumptive behaviour. Which person in their right frame of mind will deposit money to earn 3% per month while inflation erodes it at 285% in that single month,? Better kutenga chingwa ndodya because next month mari iyoyo haitenge mabhanzi


cde chipopi 4 months ago

local currency inofanira kungoita sedzimwe mari dzemu SADC region like pula, kwacha, rand etc. The people of those countries can safely exchange their local currency for any currency in their local banks. Which shows kuti it is real money, manje rtgs is imposed on the people by the regime


Wezhira 4 months ago

VaMuthuli ndivamuzvina fundo vemari and kuziva tofunga vanogona vachiziva tichitarisa kwavakafamba nemabasa avakabata asi ini semunhu anogona kunge akadarika pavakasvika dai hurumende yakutungamirwa navaMunangagwa iyo yavakubatsira kuna isina kutiurayira nyika nemikana yekusharudza zvatoda sevana vechidiki venyika ino. Zvavarikuita zvikuratidza kusaziva nekurasikirwa nevanogona kuvabatsira neruzivo kune vakavakomberedza. Micro economics zvakasiyana ne macro economics izvo tinovimba VaMuthuli vanoziva asi varikunyepera kusaziva. Gomba ravarikuchera rakakura and pavachapa vanhu mari dzavasiri kuvapa rate tikuenda paro chaipo i.e. yemumhepo at 1200.00 and mabond at 1000.00. Zvorwadza and zvosiririsa asi ndozviripo. Zvaukuitirwa we should look at its effect pa Zambia. Last month vaifarira growth this month vakuchema.


Tkt says 4 months ago

@Wezhira... Sometimes kana vanhu musina nyaya nyararai. 150+Bil paid to suppliers and contractors in the last 6 weeks & yet rate yakango mira iwe woti pavacha bhadhara vanhu, CHII KWANA IWE


JR 4 months ago

You failed minister to hell


Nimrod 4 months ago

The situation our country is no longer inflationary. It's called hyper-inflation.( when you have sustained three figure inflationary levels)



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