Thursday, July 3, 2008
Zimbabwe Inflation Rate Hits Over 9 Million Percent
Inflation in Zimbabwe has reached an incredible 9.030 million percent, which is a rise of 7.336 million percentage points above that of last month. The last official inflation figure obtained from the Central Statistical Office (CSO) was April 2008 when inflation stood at 165,000 percent. The lack of foreign currency, food shortages and the high election-related populist spending by the government are some of the reasons for the Zimbabwe having the highest inflation rate in the world.
Here are some interesting statistics:
The highest banknote denomination currently in circulation is Z$50 billion.
The exchange rate is US$1 for Z$64 billion
A teacher's salary is about Z$66 billion a month, just enough to buy 2 liters of cooking oil and a bar of soap
An average worker gets about Z$25 billion a month
A loaf of bread costs Z$2 billion
A daily newspaper costs Z$200 million
A bottle of beer Z$16 billion
Zimbabwe is a country where you can be a billionaire but still live in poverty