Zimbabwe’s annual inflation raced to a record 231-million percent in July, up from 11,2-million percent the previous month, deepening a severe economic crisis, official figures showed on Thursday.
Zimbabwe’s annual inflation raced to a record 231-million percent in July, up from 11,2-million percent the previous month, deepening a severe economic crisis, official figures showed on Thursday. Central Statistical Office data showed that on a monthly basis, prices shot up by 2 600,2%, compared with 839,3% in June, largely driven by high prices of bread and cereals.
The Southern African nation is in the throes of debilitating economic turmoil, which many Zimbabweans had hoped would ease following a landmark power-sharing deal signed between President Robert Mugabe and Movement for Democratic Change (MDC) leader Morgan Tsvangirai last month.
The World Bank says Zimbabwe has the world’s fastest shrinking economy for a country not at war.
