Africa Briefs

Zim inflation soars to 540%Zimbabwe's annual inflation soared to over 500% in February, the country's statistical agency said Monday, releasing its first consumer price data since June last year.Zimbabwe last year suspended the publication of annualised consumer price data in June, when inflation at 176%.The local currency has fallen from parity against the US dollar a year ago, to around 18 Zimbabwean dollars (ZWL) per greenback although on the black market the rate is over 30.In February 2019 Zimbabwe launched currency reforms including reintroducing the local currency and banning the use of the US dollar in a bid to solve a chronic monetary crisis.The latest inflation figures are stoking fears of a return of the kind of hyperinflation that wiped out savings 10 years ago when the economy collapsed and prices of goods and services skyrocketed every day . – Nampa/AFPZambian electricity deficit growingZambia's power supply deficit has grown by nearly 20% since September, state power utility Zesco has said, despite massive price hikes and government fastracking support for green energy projects to fight drought-induced electricity shortages.Zesco's director of corporate services Patrick Mwila told a media briefing the electricity deficit had grown to 810 megawatts (MW) from a 690 MW gap in September.A deal to import 300 MW from South Africa's struggling power utility Eskom had expired and would not be renewed.Zesco was now relying on short-term power imports from the Southern African Power Pool (SAPP) to plug the deficit, Mwila said.Mining companies including First Quantum Minerals, Barrick Gold Corp and Glencore are among Zambia's biggest power users. They have not faced rationing as a result of the shortfall. – Nampa/Reuters

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