Zimbabwe inflation now 11.2 million per cent!

August 20th, 2008 - 1:52 pm ICT by ANI  

London, Aug.20 (ANI): Zimbabwe’’s official inflation rate has soared to more than 11.2 million per cent. The Telegraph quoted Zimbabwes Central Statistical Office in Harare as saying that inflation in the year to June stood at 11,268,758.9 per cent, a rise of 9,035,045.5 per cent from May.
The monthly inflation rate stood at 839.3 per cent, it added.
The paper quoted John Robertson, an independent economist based in Harare, as saying: “The 11 million per cent they are suggesting seems rather low.”
He said that he expects the figure to rise dramatically into the hundreds of millions per cent.
Over the last three and a half months the Zimbabwe dollar has lost a compound 13 per cent a day, he said.
Critics say President Robert Mugabe’’s mismanagement is entirely to blame for the destruction of a once-thriving economy.
At the end of last month Robert Mugabe’’s government knocked 10 zeros off the value of the Zimbabwe dollar, issued a new currency, and reintroduced coins, although the latter are already becoming impractical and will be useless within weeks. (ANI)

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