Through The Static

August 19, 2008

Zimbabwe inflation hits 11,200,000 percent

Filed under: Economics,World News,WTF — disciplepete @ 11:48 pm

The disciple has been lagging a bit lately, my apologies to my devoted (imagined?) following. Anyways…11.2 million percent inflation?! I don’t understand how a country can even stay together with inflation at that level. But hey, they’re obviously trudging along somehow. CNN:

HARARE, Zimbabwe (CNN) — Zimbabwe’s inflation rate has soared in the past three months and is now at 11.2 million percent, the highest in the world, according to the country’s Central Statistical Office…

…”While our case has been aggravated by the illegal sanctions imposed by the Western powers, rising food prices are a world phenomenon because of the use of bio-fuel,” said Samuel Mumbengegwi. “But we will continue to fight inflation by making sure that prices charged are realistic.”

In February, the price of a loaf of bread in the country was less than 200,000 Zimbabwe dollars. On Monday, that same loaf of bread cost 1.6 trillion Zimbabwe dollars

…Once considered the breadbasket of Africa, Zimbabwe has been in the throes of an economic meltdown ever since the country embarked on a chaotic land reform program that has decimated commercial agriculture.

Analysts say the crisis has worsened following President Robert Mugabe’s disputed reelection in the June 27 presidential run-off. His challenger Morgan Tsvangirai boycotted the race over widespread allegations of violence and voter intimidation.

The economic crisis has destroyed Zimbabwe’s currency and made it difficult for Zimbabweans to buy basic commodities, electricity, fuel, and medicines. Many Zimbabweans have left the country amid rising unemployment and deepening poverty.

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