Wednesday, July 16, 2008

Now that's inflation !

Last month the US government said the inflation rate was 4.2% which seemed to me to be extraordinarily low. I would think that inflation has been running over 10% for a couple of years but this past year, because of oil, it may be over 20%.

But it could be worse. Zimbabwe is suffering an unimaginable rate. At some point .. 100,000 or 1 million .... this statistic should be retired and they need to just say that the currency has absolutely no value and no one has any faith in that government.

July 16, 2008

Zimbabwe Inflation Hits 2.2 Million Percent

Filed at 7:53 a.m. ET

HARARE (Reuters) - Zimbabwe's annual inflation rate, already the highest in the world, has hit 2.2 million percent, central bank Governor Gideon Gono said on Wednesday.

"Some independent economists say our inflation is 7 million percent annually but the CSO (Central Statistical Office) says it's 2.2 million percent," Gono said at the launch of a government program to supply basic goods.

The last official inflation figure of 164,900 percent year-on-year for February was released in April.

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