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Zimbabwe, inflation jumped from 191% in June to 257% in July riding on the back of a fast- depreciating currency. This has put businesses and households into serious problems. Coupled with prolonged water shortages, life has come a full circle for Zimbabweans, particularly those who are staying in Harare
Zimbabwe, inflation jumped from 191% in June to 257% in July riding on the back of a fast depreciating currency. This has put businesses and households into deep problems. Coupled with prolonged water shortages, life has come a full circle for Zimbabweans, particularly those staying in Harare.
The ground-level report is that living conditions are pretty grim. It continues to worsen as inflation jumped from 191% in June to 257% in July. Many feel the country is headed to dark times again when the southern African nation faced world-record inflation of 5 billion percent in 2008.
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Ordinary people are mostly bearing the brunt. To top it, President Emmerson Mnangagwa’s government introduced gold coins as legal tender last month, ostensibly to rein in inflation. The Reserve Bank of Zimbabwe said the 22-carat coins would help tame runaway inflation and the coins are sold at an average price of just below US$2,000 (1.982 euros) per coin and are linked with the international gold price. It is too early to assess the impact of introducing gold coins as the legal tender money on inflation.
