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  • 15

    Zimbabwe: Inflation Hits 1000000%
    Race; Posted on: 2008-05-21 16:55:14 [ Printer friendly / Instant flyer ]
    Prices continue to skyrocket

    Zimbabwe: Who Can Halt The Slide to Inevitable Violence?

    Whites Flee 'Massive' Zimbabwean Election Violence

    by Tichaona Sibanda

    Most basic goods in Zimbabwe are now out of reach for many suffering Zimbabweans following massive price increases in the past week.

    Independent financial assessment on Tuesday reported that annual inflation rose this month to 1,063,572 percent based on the price of a basket of basic foodstuffs.

    As stores opened for business on Wednesday, a small pack of locally produced coffee beans cost just short of Z$1 billion. A decade ago, that sum would have bought 60 new cars.

    Journalist Angus Shaw said a loaf of bread now costs Z$200 million, enough for 12 new cars a decade ago. One kilogram of chicken more than doubled to Z$1 billion on Tuesday. He added that fresh price rises are expected after the state Grain Marketing Board announced up to 25 fold increases in its prices to commercial millers for wheat and the corn meal staple.

    The collapsing economy was a major concern of voters who dealt long-time leader Robert Mugabe a defeat in the March 29th elections. Economic analysts say unless the rate of inflation is slowed, annual inflation will likely reach about five million percent by October.

    News Source: SW Radio Africa

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