HARARE, Oct. 25 (Xinhua) -- Zimbabwe's monthly inflation soared to 37.2 percent in October, marking a return to double-digit inflation after monetary authorities devalued the local currency a month ago.

Zimbabwe last recorded a double-digit monthly inflation rate of 12.4 percent in August 2022, after which monthly inflation slipped into single digits.

According to data released by the Zimbabwe National Statistics Agency on Friday, Zimbabwe's monthly inflation rate in local currency terms surged from 5.8 percent in September to 37.2 percent in October.

The surge came after the Reserve Bank of Zimbabwe, the country's central bank, devalued the Zimbabwe Gold (ZiG) by 42.6 percent from about 14 ZiG units per U.S. dollar to 24.4 per dollar on Sept. 27.

The official exchange rate has since weakened to 27.6 per dollar as of Friday, according to data provided by the central bank.

The ZiG, which is backed by gold and foreign currency reserves, was launched in April as the latest in a series of attempts by the country's monetary authorities to establish a stable currency in over a decade. Enditem

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