(Photo: Xinhua)

HARARE, Feb. 16 (Xinhua) -- Zimbabwe's annual rate of inflation for January 2019 rose to 56.90 percent, up from 42.09 percent in December last year, driven mainly by increases in prices of basic goods.

Statistics released by the Zimbabwe National Statistics Agency on Friday showed monthly inflation for January climbing up to 10.75 percent, up from 9.03 percent of the previous month.

The continued rise is against the background of fuel price hikes by more than 100 percent last month.

The country's inflation for 2018 closed at 42.09 percent, against an initial target of 25 percent, an indication of deteriorating economic conditions.