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Zimbabweans are reeling under the pressure of runaway inflation. The inflation is at an astronomical rate of 131.7 percent as of May. To beat the high prices, locals have stopped going to supermarkets, where the products are priced higher
Zimbabweans are reeling under the pressure of runaway inflation. The inflation is at an astronomical rate of 131.7 percent as of May. To beat the high prices, locals have stopped going to supermarkets, where the products are priced higher. The main shopping places for ordinary people are truck shops, a euphemism for vehicles being made into make-shift shops, where products are sold at a relatively cheaper rate.
Hyperinflation is not unknown to the southern African country, where skyrocketing prices are perennial and not an exception. It is getting worse year after year and is triggered by the fluctuating value of the US dollar against the local currency. Authorities have been experimenting with various models to stem the inflationary pressure, but results so far have evaded the country.
The black market is another issue that is causing discomfiture to ordinary people. The local Zim Dollar is getting devalued. Economists predict further instability in the value of the local currency if proper steps are not taken. The collapse of local currency is forcing the people to shun it and go for the dollar, which is also in short supply.
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The Southern African country has the ubiquitous distinction of facing the most severe inflation in the world. Between now and 42 years ago, the inflation rate had hovered between -2.4% and a whopping 24,411.0%. An inflation rate of 104.7% was registered in 2022. Between 1980 and 2022, the average inflation rate was 672.5%.
