Thursday, May 22, 2008

Zimbabwe inflation now over 1 million percent

Mutare, 1993. My parents bought the house they live in today for Z$180 000.

Today, a small pack of locally produced coffee beans cost just short of 1 billion Zimbabwe dollars. Zimbabwe's inflation has soared to 1,063,572% according to independent financial analysts in Zimbabwe. A loaf of bread costs today, what 12 new cars cost a decade ago. The last official figure given by the government was 165,000% back in February. They have claimed that it is too expensive for them to calculate the inflation figures anymore. Companies have been complaining of high absenteeism rates due to the high costs of transport that employees must pay to get to work. In the March 29 election, many voters said that the economy was a top issue for them. It will be interesting to see how the results will turn out in the second round of voting which is set for June 27

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