Scenes from Zimbabwe's Hyperinflation
This story is woefully underreported in U.S. media, but Zimbabwe's hyperinflation is spiraling to unknown places. Here are some factoids:
- October's annualized inflation was 14,840%, up nearly double from September
- The highest paper currency, the Z$200,000 note, has almost disappeared
- Cash machines don't work because it takes only four customers to empty them
- Cash has become tradable, attracting a 20% face premium when swapped for fuel and beef
- Other prices
- Bus fare: Z$1.6-million
- Bread: Z$800,000
- Pint of beer: Z$700,000
In a move that will almost certainly make things even worse, Zimbabwe's Mugabe government -- the creator of this loony Mugabenomics -- said it would step up the price controls that have been driving this. Horrific and tragic.
More here.
1
