Zimbabwe inflation rockets higher
Posted on 19 August 2008 by Jack
The rate of inflation in Zimbabwe jumped to just over 11,250,000% in June, official figures show.
“It gained 9,035,045.5 percentage points from the May rate of 2,233,713.4%,” said state media quoting the Central Statistical Office (CSO).
However, experts believe the actual rate of inflation may be much higher.
Zimbabwe is in the midst of a dire economic crisis with unemployment at almost 80%, most manufacturing at a halt and basic foods in short supply.
High money supplies have also been fuelling hyperinflation. Critics have accused President Robert Mugabe’s government of printing money to finance his election campaign and prop up the economy. Month-on-month inflation in the country accelerated to 839.3% from 433.4%.
Popularity: 11% [?]
August 19th, 2008 at 4:58 pm
Maybe they shouldn’t print anything on the paper that becomes their currency as the value of the paper itself is more than what is printed on it !
How are people surviving anyway ! I would guess that at these levels of currency devaluation the only way to trade would be in bartering or having foreign currency and buying from outside the country? Foreign currency and secret bank accounts probably the way the ” Great Leader ” and the goons keeping him in power are living well while everybody else starves or is murdered for complaining or daring to notice that the ” socialist ” system isn’t working.
August 19th, 2008 at 6:26 pm
“How are people surviving anyway!”
They’re shooting their elephants and eating them.
More here…