The inflation rate in Zimbabwe has reached 837.53% on an annualized basis last July, TASS reported referring to the national bureau of statistics of Zimbabwe.

In July last year, this figure was 737.3%, the statistical office said.

The discount rate for the Zimbabwean dollar is currently 35.53% per annum, up from 31.7% in June this year. The Central Bank of Zimbabwe this week set the exchange rate of the national currency in the ratio of $ 1 - 82.56 Zimbabwean dollars.

Zimbabwe is facing increasing economic hardship caused by shortages of food, fuel, and electricity.