Zimbabwe News Show The Nation Very Close To Hyperinflation

Zimbabwe’s News Show The Nation Very Close To Hyperinflation - Surge Zirc SA
Pensioners are photographed queing up to withdraw their pensions from a bank in Harare (Zimbabwe News). Photo file: Cynthia R Matonhodze/Bloomberg

Zimbabwe news does not point to any hope of getting better as statistics reveals monthly inflation rate growing more than doubled in October, with cost of food surging even higher, thereby taking the nation closer to an intense period of hyperinflation.

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A Bloomberg report shows that monthly inflation grew to 38.8% from 17.7% in September. Meanwhile, the Zimbabwe National Statistics Agency has described the result in an emailed statement on Friday as ”the highest rate since June.”

Facts about Zimbabwe:

  1. ”Food prices rose 48.4% in the month, compared with 19.6% in September, as the worst regional drought in almost 40 years hit supplies and left about half of Zimbabwe’s 14 million people without reliable access to enough to eat.”

2. ”The drought continues and non-food inflation could also be pushed up further after the government unveiled it plans to boost spending in 2020 in an attempt to kick-start an economy that’s forecast to shrink this year.”

3. ”Zimbabwe abandoned its own dollar ten years ago after hyperinflation rendered it valueless. The statistics office suspended the release of annual inflation data for six months from August, saying it wants to collect comparable data after the introduction of a new currency earlier this year. International Monetary Fund studies define hyperinflation as beginning when monthly price increases exceed 50%.”

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4. ”Zimbabwe’s official annual inflation rate was the second highest in the world, at 176%, when the statistics office suspended the data.”

It’s not clear what president Emmerson Mnangagwa is doing to save the precarious situation, rather the president who took over leadership from late Robert Mogabe has been seriously linked to tyrannic system of leadership.

Source: Bloomberg, Twitter, 

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