Zimbabwe inflation hits record of nearly 165,000 pc
Zimbabwe's annual rate of inflation soared to an all-time high of almost 165,000 percent in February, according to the latest government statistics obtained Wednesday.
By Agencies |
HARARE: Zimbabwe's annual rate of inflation soared to an all-time high of almost 165,000 percent in February, according to the latest government statistics obtained Wednesday.
In a report seen by AFP, the Central Statistical Office said year-on-year inflation for February stood at 164,900.3 percent, an increase of 64,320.1 percentage points from the previous month.
Official inflation rates have become increasingly difficult to access in recent months as Zimbabwe grapples with a world record hyperinflation.
The CSO last released monthly inflation statistics to the media in September. The November figure was only released by the central bank in a statement.
Zimbabwe is in the throes of an economic crisis characterised by runaway inflation, soaring poverty levels, an unemployment rate hovering at around 80 percent and chronic shortages of fuel and basic goods like cornmeal.
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While the products are readily available on a burgeoning black market, many Zimbabweans have resorted to buying their essentials from neighbouring countries like Botswana, South Africa and Zambia. At least 80 percent of the population is living below the poverty threshold, often skipping meals to stretch their income, which frequently fails to cover basic needs. The latest increase comes amid rising tensions as the country awaits results from presidential elections held nearly three weeks ago.
Opposition leader Morgan Tsvangirai claims he beat 84-year-old President Robert Mugabe outright, and alleges that is why electoral authorities are sitting on the results. But the Mugabe's ZANU-PF ruling party says neither man won a clear victory and insists a run-off will be necessary.
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