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| Africa: Southern | ||
| Zimbabwe's inflation more than 425pc | ||
| 2003-09-13 | ||
Zimbabwe's official inflation rate has risen to a record high at more than 425 per cent. Shop owners are increasing prices on a daily basis to keep pace with Zimbabwe's runaway inflation rate. The Central Statistical Office has released the latest monthly figures, which show that inflation is now running at 426.6 per cent. Food, fuel and foreign currency are in short supply. Zimbabwe's mint is struggling to print enough bank notes to keep up with demand. Economic forecasters are warning that inflation could reach 1,000 per cent by the end of the year. Government attempts to control prices have failed with inflation more than doubling since the start of the year. Consumer prices have risen dramatically, despite government assurances of economic stability. Government officials have promised that inflation will be reduced to less than 100 per cent by the end of the year.
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| Posted by:Fred Pruitt |
| #10 They still have quite a way to go to top Germany in 1923 when one dollar bought you a trillion Reichsmarks or so. Note to Zimbabwe mint: Just add more zeros and save paper. |
| Posted by: True German Ally 2003-9-13 2:35:29 PM |
| #9 Capitalism and Freedom Picked up the fortieth anniversary edition recently, to re-read it. It's like a treasure chest of quotes that pertain to most of the stories posted in Rantburg. |
| Posted by: Rafael 2003-9-13 1:31:13 PM |
| #8 They should call Jimmy Carter. I'll bet he can get it down to a mere 20 to 30%. Like he did here. Why Bob isn't hanging from a lamp post by now is beyond me. I guess you do get the government you deserve. |
| Posted by: tu3031 2003-9-13 12:31:16 PM |
| #7 I don't even want to know the details about how the got 426.6% inflation. My head might explode from all their mistakes if I do find out. |
| Posted by: Charles 2003-9-13 11:27:41 AM |
| #6 "...inflation is now running at 426.6 per cent. ... Zimbabwe's mint is struggling to print enough bank notes to keep up with demand." Gee, you don't suppose all that money being printed has anything to do with causing the inflation do you? Naaahh, can't be. |
| Posted by: Biff Wellington 2003-9-13 11:02:32 AM |
| #5 I have trouble understanding how you get out of being a recipient of food aid in a case like Zimbabwe. 1. Free food would eliminate the incentive to produce food for local production. 2. Farm land has been redistributed to regime paracites that have neither the ability nor the inclination to do anything with the land otehr than sell it for profit. 3. None of the paracitic speculators will be willing to sell for currency (other than dollars) during an inflation. 4. Foriegn investors (other than Lybia) will steer well away from "opportunities" in countries where property rights are not secure. I guess its time to find a new breadbasket for the foreceable future. |
| Posted by: Super Hose 2003-9-13 9:28:19 AM |
| #4 Brian, maybe Fidel can go over and give Bob some tips on how to have full literacy while still being a jackbooted despot! |
| Posted by: debbie 2003-9-13 8:23:24 AM |
| #3 So the price of goods and services will double,what? Every day,week month,etc. What a load! |
| Posted by: raptor 2003-9-13 6:20:40 AM |
| #2 Government officials have promised that inflation will be reduced to less than 100 per cent by the end of the year. Typical leftist bullsh*t. Like 100 percent inflation is an improvement. The only acceptable 100 percent I can think of is Mugabe's non-residence status in Zimbabwe. |
| Posted by: badanov 2003-9-13 5:23:33 AM |
| #1 If only they read Capitalism and Freedom. Scratch that, if only they read... |
| Posted by: Brian 2003-9-13 2:35:05 AM |