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Inflation hits 100 580%

ZIMBABWE’S year-on-year inflation for January has breached the 100 000% barrier after picking up 34 367,9 percentage points to hit a new high of 100 580,2%.

All indications are that the economy will crumble further this year.

Figures released last week showed that the year-on-year inflation figure for December 2007 stood at 66 212,3%.

The January inflation figure means that prices as measured by all items on the Consumer Price Index (CPI) increased by an average 100 580,2% between January 2007 and January 2008.

Food and non-alcoholic beverage inflation was at 105 580,2% while the non-food and alcoholic stood at 97 885,7%.

The Central Statistical Office (CSO) said the month-on-month inflation for January was 120,8% indicating a 119,3 percentage points drop on the December figure of 240,1%. “The month-on-month food and non-alcoholic beverages inflation stood at 86,9% in January 2008,” the CSO said.

On the month-on-month basis the non-food inflation stood at 147,8% showing a drop of 51,2 percentage points on the December figure of 199%.

The surge in inflation came as the fragile Zimbabwean dollar continued to crumble against the major currencies.

The Zimbabwe dollar which ended last week at $6,5 million against the United States dollar was by yesterday trading at $11 million. Foreign market traders expect it to reach $15 million by the end of next week. The Zimbabwean dollar also continued to weaken against the rand and the pound sterling. – Staff Writer.

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