The official inflation rate takes into account goods subject to official price controls, which are almost impossible to obtain. Economists estimate that the real annual inflation rate for last month was around 9m%, which could rise to about 20m% in July.What that means now is that you need about 50 billion Zimbabwe dollars to get a Monopoly $5. If you have the little schnauzer piece you can trade it for their infrastructure. If you have the top hat, then you can really start getting the good weapons from the Chinese.
In November last year, the head of the CSO, Moffat Nyoni, told state radio it was in effect impossible to calculate the inflation rate properly due to "date gaps" caused by a lack of products in shops.
Today, Nyoni told AFP the new, 2.2m% rate was the best estimate possible. "The information was based on fewer observations than we would be confident with, due to scarcities," he said. "However, with the information we have managed to obtain, this is the rate of inflation."
Wednesday, July 16, 2008
In the time you took to read this Zimbabwe's inflation went up 200%
If you were wondering: the rate of inflation in Zimbabwe is now 2.2 million percent. Million. As in million. Meaning million. This is the low estimate.
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