An end in sight for hyperinflation in Zimbabwe? It can’t get worse, can it?
Official figures show that Zimbabwe’s soaring inflation hit an annual rate of almost 165,000% in February. Continuing shortages of food and fuel helped to push up inflation from January’s rate of 100,000%.
Zimbabwe is tipping into economic oblivion in response to the crazy policies of its resident tyrant, Robert Mugabe. Once the ‘breadbasket’ of southern Africa, about 80% of the country’s population now lives in poverty and it is estimated that three million people have left the country for a new life in South Africa.
Staple goods are scarce and the government responds to shortages by increasing the supply of money. The central bank has introduced new banknotes to cope with the spiralling prices, recently issuing a 10 million Zimbabwe dollar note.
The leadership of Zimbabwe is in doubt following elections last month. Either Mugabe accepts defeat, or keep your eyes peeled for a billion dollar note in a couple of months.
Paying for a beer
