Thursday, July 17, 2008

2,200,000% inflation rate in Zimbabwe

Robert Mugabe is leading a nation which is in a path of accelerated price levels and decelerated growth rates!

According to official figures inflation rate now is 2,200,000%, up from 165,000% in February.

More here 

Rising costs are forcing retailers to increase prices a number of times a day for goods purchased with billion dollar bank notes and the number of people falling into poverty is on the rise.

In May, the central bank issued a 500m Zimbabwe dollar banknote, worth US$2 at the time of issue, to try to ease cash shortages amid the world's highest rate of inflation.

This is in stark contrast with the situation at independence in 1980 when one Zimbabwe dollar was worth more than US$1.

No comments:

Post a Comment