Africa-Press – Zimbabwe. RESPECTED Economist Steve Hanke has measured Zimbabwe’s inflation at 1072%, the worst in the world and over 800% higher than second placed Argentina (220%).
Government has maintained Zimbabwe’s inflation is yet to breach 30% and stands at 26.50%.
Hanke, who has provided periodic reviews of Zimbabwe’s economy, described President Emmerson Mnangagwa’s administration as being a ‘hyperinflation masterclass.’
“On January 11, I accurately measured Zimbabwe’s inflation at 1072%,” said Hanke.a“President Emmerson Mnangagwa is running a hyperinflation masterclass.”
The rate, which hit a high of 1220% in June, stood at 848% in October and November last year.
Hanke’s measurements are reflected in massive price hikes evident across the country.
A never-ending economic crisis has not just resulted in price hikes, it has significantly devalued salaries that predominantly remain unchanged.
Introduced at a rate of US$1: ZW$1, the Zimbabwean currency now trades at ZW$10,000 per dollar on the popular parallel market and just over ZW$6,000 on government’s Interbank platform.
Mnangagwa’s Zanu PF government insists the situation is getting better.
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