The Zimbabwe National Statistics Agency reported on Monday that annual inflation rose by nearly 4 percent in November, primarily driven by increased electricity and gas prices.

Inflation surged to 21.6 percent, up from 17.8 percent in October, while month-on-month inflation recorded a 4.5 percent increase compared to the previous 2.5 percent.

“For the month of November 2023, the consumer price index for housing, water, electricity, gas and other fuels had the highest contribution to the month-on-month change in inflation rate of 2.5 percent, followed by food and non-alcoholic beverages with a contribution of 1.5 percent,” Zimstat said.

However, independent analysts express skepticism regarding the government’s inflation figures, suggesting that the actual inflation rate is considerably higher.

Zimbabwe implemented its second revision to the inflation measure on September 28, incorporating a weighted average of items priced in both Zimbabwean dollars and U.S. dollars. A previous revision occurred in February, resulting in a notable decline in the inflation rate. Prior to these changes, the official rate was based solely on items priced in the local currency.

“In terms of reporting, we are saying our inflation is low, yet on the ground inflation is hitting hard and causing serious poverty. So, there is a need for revision of how our inflation is calculated in Zimbabwe,” economist Busie Gomez said.