Inflation reaches critical levels in Zimbabwe
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Inflation reaches critical levels in Zimbabwe
"In Zimbabwe on Wednesday, a Z$100-billion note would just buy two loaves of bread. The country's biggest bakery was forced to shut down this month after it ran out of flour.
The new denomination banknote was issued on Monday in an attempt to keep up with the country's roaring hyper-inflation, that has reached an official rate of more than 2.2 million per cent. Economists estimate it is actually closer to 12.5 million per cent.
At the beginning of June, a loaf cost Z$600-million, up from a relatively affordable Z$15-million before the March 29 presidential election....."
"In Zimbabwe on Wednesday, a Z$100-billion note would just buy two loaves of bread. The country's biggest bakery was forced to shut down this month after it ran out of flour.
The new denomination banknote was issued on Monday in an attempt to keep up with the country's roaring hyper-inflation, that has reached an official rate of more than 2.2 million per cent. Economists estimate it is actually closer to 12.5 million per cent.
At the beginning of June, a loaf cost Z$600-million, up from a relatively affordable Z$15-million before the March 29 presidential election....."
See also at http://wongtc.blogspot.com/2008/07/news.html
posted by William, Wong Tak Choi at 11:19 下午
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