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October 9, 2008

Zimbabwe sees inflation of 231 million percent

by Richard Kilner

Story link: Zimbabwe sees inflation of 231 million percent

Zimbabwe, once renowned as the breadbasket of Africa, has seen a long and painful economic decline in recent years.

Today new figures have been published for inflation, and they make grim reading even for a country where golfers buy drinks before starting their round to avoid paying higher prices when they have finished.

Annual inflation rose from 11,200,000% to 231,000,000% in July according to official figures, and has largely been attributed to the soaring cost of food prices which has affected the entire world.

Despite the power-sharing agreement between long-term adversaries President Mugabe and Prime Minister Tsvangirai, the dire economic and agricultural situation of the nation has not improved and maintains its steady plunge downwards.

One of the key factors in Zimbabwe’s weakness occurred when Mugabe drove white farmers off of their land, since when most of them have lain in disuse.

International sanctions against the country will only be lifted once the two political leaders make real progress.

 

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