Zimbabwe Inflation Over 1m%, Heading for 5m%
HARARE, Zimbabwe (AP) — Weary Zimbabweans are facing a new wave of price increases that will put many basic goods even further out of their reach: A loaf of bread now costs what 12 new cars did a decade ago.
Independent finance houses said in an assessment Tuesday that annual inflation rose this month to 1,063,572 percent based on prices of a basket of basic foodstuffs. Economic analysts say unless the rate of inflation is slowed, annual inflation will likely reach about 5 million percent by October.
As stores opened for business Wednesday, a small pack of locally produced coffee beans cost just short of 1 billion Zimbabwe dollars. A decade ago, that sum would have bought 60 new cars.
To ease cash shortages, Zimbabwe recently introduced a $500 million note, see BBC report here.
Thanks to SCSU Scholars for the pointer.