Zimbabwe's annual rate of inflation has surged to 2,200,000%, official figures have shown.
The figure is the first official assessment of prices in the troubled African nation since February, when the rate of inflation stood at 165,000%.
Zimbabwe, once one of the richest countries in Africa, has descended into economic chaos largely blamed on the policies of President Robert Mugabe.
Mr Mugabe was re-elected last month in a controversial one-man race.
The opposition party, the Movement for Democratic Change (MDC), pulled out of the run-off election, saying its supporters were being attacked and killed.
Rising costs are forcing retailers to increase prices a number of times a day for goods purchased with billion dollar bank notes and the number of people falling into poverty is on the rise.
In May, the central bank issued a 500m Zimbabwe dollar banknote, worth US$2 at the time of issue, to try to ease cash shortages amid the world's highest rate of inflation.
This is in stark contrast with the situation at independence in 1980 when one Zimbabwe dollar was worth more than US$1.
Mr Mugabe denies that he is ruining the economy, laying the blame on international sanctions he says have been imposed against Zimbabwe.
The US and the EU have imposed targeted sanctions, such as a travel ban and an assets freeze, on Mr Mugabe and his close allies. Link to story by the BBC
Norlanderon July 16 2008 14:52:45
Makes me wonder about the independence and anti-apartheid movement in Africa in the late 20th century was good or bad. The human cost of independence has been horrific. Was it all worth it? The humanist in me will still say yes, but from a cost benefit point of view measured in human development vis-a-vis human suffering I'm starting to think it would rather be a "No!".
Grizlason July 19 2008 08:07:24
dont listen to the evil capitalist utalitarian voice...freedom must prevail.
now, where did I leave my machette..
Roffenon July 25 2008 09:56:40
at 2.200.000%, at piece of bread that used to cost $1, now costs $22.000 ?
Am I correct here, or should I take the math-calss again ?
That is one big inflation! And here we 'only' have an inflation of 2-6% annually.
Norlanderon August 31 2008 16:23:12
It's what happens when you let crackpot dictators rule a country because intervening would be seen as "colonialism".
Reminds me a bit of "what have the Romans done for us lately"...
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And here we 'only' have an inflation of 2-6% annually.