Zimbabwe’s annual inflation has dropped to 348.59 percent in December, from 401.66 percent in November.

Annual inflation was 471.25 percent in October and 659.40 percent in September.

This is according to latest Zimbabwe National Statistics Agency. (Zimstat) data released on Monday.

Finance and Economic Development Minister Professor Mthuli Ncube had projected that inflation would close the year at 336 percent.

The IMF, in its last World Economic Outlook, forecast inflation in Zimbabwe to end 2020 at 495 percent and 3 percent in 2021.

The country’s month on month inflation was 2.75 percent in December 2020 gaining 0.50 percentage points from the November 2020 rate of 2.25 percent.