HARARE, June 17 (Xinhua) -- Zimbabwe's inflation surged towards the 5000 percent mark in May as prices of basic commodities and other goods continued to rise, the national statistics agency Zimstats said on Monday.
Last month, year-on-year inflation rose to 97.85 percent from 75.86 percent in April driven by rising prices of food and nonalcoholic beverages, clothing and footwear, among others.
Meanwhile, month-on-month inflation gained 7.02 percentage points to close the month at 12.54 percent, the fourth consecutive rise in month-on-month inflation.
Many companies are sourcing foreign currency on the black market as official coffers fail to meet demand, according to media reports.
Finance minister Mthuli Ncube said recently that prices would soon start to fall, but people have doubts about his remarks, given prices of some goods are rising robustly, said the reports.