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Zimbabwe’s inflation skyrockets to touch 191% in June, creating widespread consternation among the civil society. This was revealed by the Zimbabwe National Statistics Agency
Zimbabwe’s inflation skyrocketed to touch 191% in June, creating widespread consternation among the civil society. This was revealed by the Zimbabwe National Statistics Agency. The southern African country is facing sanctions, making it difficult for the population to afford a living.
The trigger for the runaway inflation growth presently creating havoc in the country is the Russian-Ukraine conflict. The spurt in inflation has been accelerated at every point. Before the conflict, the rate of inflation was 66%. It went up to more than 130% in May. In two months’ time, it increased to nearly 200 percent, earning the country a top slot among countries facing the highest rate of inflation in the world. Although Zimbabwe’s finance minister Mthuli Ncube said that it would intervene to cushion the rate of inflation to a moderate level, nothing much could be seen happening on the ground. Zimbabweans are still waiting for governmental measures, while the specter of inflation is still looming large.
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There are some astonishing statistics the IMF is dishing out. For instance, in 2008-09 hyperinflation reached 500 billion%, according to the International Monetary Fund. That time, strangely, 100 trillion Zimbabwean dollar banknotes were not enough to buy basic groceries. There is a renewed demand from African states that sanctions on Zimbabwe should go since the fallout mainly affects the common man.
