October 19, 2007

Not bad - one million

From VOA News, 17 October

Zimbabwe inflation approaches 8,000%, local currency plummets

By Blessing Zulu and Ndimyake Mwakalyelye

Washington - Inflation in Zimbabwe soared to nearly 8,000% in September after briefly falling under 7,000% in August, according to the country's Central Statistical Office. The official 12-month inflation rate was 7,982% in September, the statistical office said, following 6,592% in August, when it declined from over 7,000%. Meanwhile, the Zimbabwe dollar has plummeted in value in recent days, depreciating to Z$1 million to the US dollar compared with Z$700,000 a few days earlier. The Reserve Bank of Zimbabwe's official exchange rate is Z$30,000 per US dollar. The statistical office did not offer a breakdown as to which items were driving inflation, saying only that food inflation was marginally lower than non-food inflation. Economic experts and business leaders expressed concern at the latest collapse of the currency, warning this would drive the inflation rate even higher. Most businesses have to turn to the parallel market to obtain hard currency, which obliges them to charge ever more for their products or lose money under state price caps. (...)

Not bad - one million!

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