Sunday September 07, 2008

Zimbabwe inflation rate soars to 11.2 million percent

This article belongs to the Zimbabwe inflation watch story arc.

channelnewsasia.com :

Zimbabwe's annual inflation rate soared to 11.2 million percent in June 2008, according to state media. "It gained 9,035,045.5 percentage points from the May rate of 2,233,713.4 percent," The Herald reported. Once a regional economic model, Zimbabwe is in the throes of economic crisis with an astronomical inflation rate and at least 80% of the population living below the poverty threshold, often skipping meals and walking long distances to stretch their income. The central bank unveiled on 1 Aug 2008 a new series of bank notes after knocking off 10 zeros from its currency.

- So, despite dropping 10 zeroes from their currency, the Zimbabwe hyperinflation situation continues, as everyone has pretty much expected. Without improvements in the underlying economy, the zero-dropping exercise has proven to be a futile effort. International observers will now be looking out for the Zimbabwe central bank to be adding the zeroes back all over again.

See also :

1. Runaway hyperinflation : Zimbabwe inflation rate now over 1 million percent
2. Runaway hyperinflation : Zimbabwe inflation rate hits 2.2 million percent officially
3. Hyperinflation : Zimbabwe introduces $100 billion dollar banknotes
4. Zimbabwe chops 10 zeroes from currency notes as hyperinflation rolls on

(2008-09-07 10:55:54 SGT) [Biz] Permalink

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