Zimbabwe inflation hits 165,000%

Zimbabwe's soaring inflation hit an annual rate of almost 165,000% in February, official figures show. Continuing shortages of food and fuel helped to push up inflation from January's rate of 100,000%. Government officials say the shortages make it hard to work out inflation with any degree of accuracy. About 80% of the country's population lives in poverty and it is estimated that three million people have left the country for a new life in South Africa. The economy has been in trouble for several years, with supplies of basic foodstuffs, cooking oil and petrol all running low. The central bank has introduced new banknotes to cope with the spiralling prices. Last month it issued a 10 million Zimbabwe dollar note.

- Note that these are official CPI figures from the Zimbabwe government. The actual inflation rate is probably much higher. For example, when the official figures were 100,000% back in Jan 2008, the inflation rate as estimated by the IMF was 150,000%. And for first-hand updates on the Zimbabwe situation, you can go to Cathy Buckle's site.

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