We keep saying, “it can’t get worse than this” referring to the economic and political situation in Zimbabwe. And we’ve been saying it for a few years. Nearly every day we read the news, or hear from family or friends living in Zim, and the reports are almost always the same: life goes on, but it’s getting worse.
The BBC reports today the official rate of inflation in Zimbabwe is now 2,200,200%.Â
The figure is the first official assessment of prices in the troubled African nation since February, when the rate of inflation stood at 165,000%.
Zimbabwe, once one of the richest countries in Africa, has descended into economic chaos largely blamed on the policies of President Robert Mugabe.
…
In May, the central bank issued a 500m Zimbabwe dollar banknote, worth US$2 at the time of issue, to try to ease cash shortages amid the world’s highest rate of inflation.
This is in stark contrast with the situation at independence in 1980 when one Zimbabwe dollar was worth more than US$1.
We’ve heard that prices are changing so fast, if you’re lucky enough to find something on the shelves at the stores, by the time you reach the register to pay for it, the price has doubled.
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