Zimbabwe’s annual rate of inflation has risen to nearly 100%, the highest in a decade. Prices have been rising in shops making daily l...
Zimbabwe’s annual rate of inflation has risen to nearly
100%, the highest in a decade.
Prices have been rising in shops making daily life
difficult for Zimbabweans who are stuck with a local RTGS dollar that is
weakening against the US dollar.
According to the state statistics agency, Zimbabwe’s annual
inflation rose to 97.8% in May, up from 75% the previous month.
This is the highest inflation figure in over a decade and
critics say this is a conservative figure because Zimstats calculations are
based on a limited range of goods.
Many wage earners, including teachers, have seen their
buying power eroded since February when the government delinked the US and
Zimbabwe local currency as part of an ambitious austerity programme.
With shop prices linked to black market rates of exchange,
the local dollar is today reportedly trading at more than 1:9 for the US.
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