Zimbabwe annual inflation hits new record high of 42 pct

HARARE, Jan, 17 (Xinhua) -- Zimbabwe's annual rate of inflation for December 2018 rose to a new high of 42.09 percent, up from 31.01 percent in November, according to the Zimbabwe National Statistics Agency (Zimstats).

The rise was spurred by increases in prices of basic goods, said the agency.

Monthly inflation slightly receded to 9.01 percent from 9.2 percent in November.

The continued rise in inflation is coming against the background of recent fuel price hikes by more than 100 percent in a move that is also expected to further add inflationary pressures in the economy.