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Zimbabwe faces new record inflation

Latest update : 2008-08-21

The annual inflation rate in Zimbabwe has reached a new peak: over 11 million percent. Prices have multiplied 110,000-fold, a world record.


Thirty to 40%. That’s the daily rhythm the prices increase in Zimbabwe, where the population suffers the consequences of President Robert Mugabe’s economic policies.


First mistake, according to occidental experts: the 2000 land reform and what it did to the agricultural sector.


To revive the economy, the government has tried to freeze the 2007 prices. As a result, the shops are now empty and the population faces food shortages. Opposition leader Tsvangirai says: “There is no more bread, no more meat, no more milk... and no more basic foods.”


After introducing a 200,000 dollar bill, the Zimbabwean Central Bank has devalued by 10 zeros its currency with one dollar bills to replace 10 billion ones.

Date created : 2008-08-21