Zimbabwe managed to meet its inflation target for 2011 when it closed the year at 4.9 percent, according to data from the Zimbabwe National Statistical Agency.

Finance Minister Tendai Biti had targeted inflation to close at between 4.5 percent and 5 percent in 2011.

The December 2011 figure was, however, an increase from November's rate of 4.2 percent.

Biti has projected inflation to remain below 5 percent in 2012 on the back of increasing manufacturing output and political and economic stability prevailing in the country.

The country instantly tamed hyperinflation when it dumped the worthless Zimbabwe dollar and introduced multiple currencies in 2009.