Astronomical inflation in Zimbabwe
Share Now on:
Astronomical inflation in Zimbabwe
TEXT OF STORY
Scott Jagow: If you think we have problems here, try buying a soda in Zimbabwe. You’ll need a suitcase full of money, and I’m not exaggerating. Gretchen Wilson has the latest inflation numbers from Zimbabwe.
Gretchen Wilson: In the first official figures in three months, Zimbabwe’s Central Statistical Office says inflation has more than doubled since May.
We’re not talking a few percentage points here. Authorities say the annual inflation jumped to 7,635 percent in July. But economists say the true inflation rate is actually far higher — at least in the five-figures.
This means cash earned a year ago and saved under a mattress is beyond worthless. Stacks of bills are needed for the most basic transaction.
A bottle of Coke, which is hard enough to find on the shelves of Harare, today costs $65,000.
The International Monetary Fund warns annual inflation could reach 100,000 percent by the end of the year.
Last month, the country launched a new 200,000 Zimbabwe dollar bill. It’s value on the street? One U.S. dollar.
In Johannesburg, I’m Gretchen Wilson for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
