Zimbabwe’s annual inflation rate has soared to a record 231 million percent in July from 11.2 million percent in June, the Herald reported citing the official government statistics. Price rose by 1760.9 percent in the month mainly because of increases in the prices of bread and wheat, say the state controlled Herald newspaper.
The Zimbabwe government blames the record hyperinflation on the ‘illegal’ sanctions imposed on the country by Britain and it’s allies. Several measures that have been put in place by the government, have so far failed to control the runaway inflation and the economic crisis in the country.
Zimbabwe’s economy has shrunk by almost 50 percent in the last 10 years. This is due to the pathetic performance in all sectors of the economy coupled by rampant corruption in both the public and private sector, said the newspaper.
Feel free to share your views, we are always interested in what you have to say.
Save on your Argos Shopping: Ipoints is giving away £1,000 of Argos vouchers. Click Here to Join
Looking for phone cards? ComFi.com is Your international pre-paid phone cards provider.
Related posts:
- Zimbabwe’s economy in a mess as inflation rate reach 2.2 million percent
- New wave of massive price increases as Zimbabwe inflation rate riches 1 million
- Zimbabwe’s Inflation surges to 11.2 Million Per cent
- Zimbabwe introduces new bank notes again – $100 million and $250 million
- Zimbabwe’s war veterans one million men march