Zimbabwe's annual inflation soars to 231 million percent: report

Thursday, 09 October 2008

AFP

A Zimbabwean purchases tomatoes in Harare on September 21, 2008 with the Zimbabwe dollar equivalentÂ to 2 US dollars. With prices rapidly rising, even more than once in one day, shopping is a mathematical proficiency test for Zimbabweans. To ensure their survival in an unpredictable, environment shops and service providers quote three different prices for the same item for shoppers buying in cash in the local currency, cash in foreign currency and those using credit cards.Â AFP PHOTO / Desmond Kwande

HARARE, Oct 9, 2008 (AFP) - Zimbabwe's annual inflation soared to 231 million percent in July, a state daily reported Thursday citing official statistics.

The Herald newspaper said the annual rate of inflation gained 219.8 million percent, up from the June rate of 11.2 million percent, adding that it was 'driven faster by food prices.'

'The month-on-month rate rose 1,760.9 percentage points on the June rate of 839.3 percent to 2,600.2 percent,' the newspaper quoted a statement from the Central Statistical Office (CSO) as saying.

Bread and cereals were the main drivers, the statement said.