Zimbabwe Inflation Soars To 7634.8%

[Illuminate]

Zimbabwe Inflation soars to 7634.8%

Zimbabwe's annual rate of inflation jumped to 7,638% in July according to the first official figures to be published for three months.

The Central Statistical Office said inflation had more than doubled since May - the last official data released.

Since then the government has ordered shopkeepers to slash their prices and arrested anyone who has failed to obey.

Last month, the International Monetary Fund warned annual inflation could reach 100,000% by the end of the year.

The Consumer Council of Zimbabwe has said the real year-on-year inflation is far higher than the official rate - claiming it was nearer 13,000% in June.


Empty shelves

Zimbabwe's economic crisis has led to an estimated three million people fleeing the country for South Africa.

Unemployment stands at about 80% and there are mass shortages of fuel and foodstuffs.

Businesses were forced to freeze prices in June as President Robert Mugabe's government tried to stem inflation.

But some producers, fearing making a loss, cut production, meaning the move exacerbated shortages, leaving shop shelves empty.

Last month a new 200,000 Zimbabwe dollar note was launched, in a bid to tackle the country's inflation, the highest in the world.

The country's government has created a commission to find a way to control soaring living costs.

But correspondents say that as long as Zimbabwe has a shortage of staple foods, including maize, food shortages are likely to continue.

Critics have blamed President Mugabe's policies, especially the seizure of farms, for ordinary Zimbabweans' hardship.

For his part, President Mugabe has accused foreign governments of trying to interfere in Zimbabwe's affairs - saying some businesses had raised prices without justification as part of a Western plot to oust him.


http://news.bbc.co.uk/1/hi/business/6959164.stm

[thaddeus]

*sighs*

If we hadn't squandered our army and political goodwill by swanning around the Middle East like Butch Cassidy and the Sundance Kid we (the UK and US) might actually have been in a position to do something about this (assuming we could get one of his neighbours to co-operate).

I can't get my head around a rate of 7,000%, let alone 100,000. Mind-boggling stuff.

[iraniboy]

These corrupted governments should go to hell
We should also look for foreign plots inside

[Illuminate]

*sighs*

If we hadn't squandered our army and political goodwill by swanning around the Middle East like Butch Cassidy and the Sundance Kid we (the UK and US) might actually have been in a position to do something about this (assuming we could get one of his neighbours to co-operate).

I can't get my head around a rate of 7,000%, let alone 100,000. Mind-boggling stuff.

Is this the only answer, some people have - USA and UK, go around the world creating the situation in the first place - then they want to bomb the country and create civil strife - to correct the mess they started in the first place...

[AgtBauer]

That's crazy numbers.

[thaddeus]

Look at the situation there. Economic meltdown, thousands starving, a dictator brutalising his own people and nobody doing a damn thing. Sanctions and travel restrictions don't hurt the ruling elite, just the common poor who starve to death a little faster.

I'm not saying military action would be a good thing. I'm saying the threat and, if necessary, the execution of it would be preferable to standing on the sidelines murmuring cliches about how evil Mugabe is and if only we could do something. There's not even any political pressure from his fellow leaders in the region.

[iraniboy]

Look at the situation there. Economic meltdown, thousands starving, a dictator brutalising his own people and nobody doing a damn thing. Sanctions and travel restrictions don't hurt the ruling elite, just the common poor who starve to death a little faster.

I'm not saying military action would be a good thing. I'm saying the threat and, if necessary, the execution of it would be preferable to standing on the sidelines murmuring cliches about how evil Mugabe is and if only we could do something. There's not even any political pressure from his fellow leaders in the region.

Exactly.Foreign country just put sanctions as a result only people suffer.On the other hand these countries reject immigrants from these countries and...
or
some of them may attack and kill so many innocent people.