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Zimbabwe inflation rate soars to 175%

Zimbabwe inflation rate soars to 175%
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Zimbabwe's annual inflation rate hit 175 per cent in June, official data showed on Monday, stoking fears of a return of the hyperinflation that wiped...

Harare: Zimbabwe's annual inflation rate hit 175 per cent in June, official data showed on Monday, stoking fears of a return of the hyperinflation that wiped out savings ten years ago when the economy collapsed.

Official inflation is the highest since hyperinflation forced the government to abandon the Zimbabwe dollar in 2009. Supplies of essentials such as bread, medicine and petrol are regularly running short in the country.

"The year-on-year inflation rate for the month of June 2019 as measured by the all items consumer price index stood at 175.66 per cent while that of May 2019 was 97.85 per cent," the Zimbabwe National Statistical Agency said in a statement.

Millions of Zimbabweans have fled abroad in the last 20 years seeking work.

Many others are now seeking to leave as conditions worsen under President Emmerson Mnangagwa, who had promised an economic revival after he succeeding long-ruling Robert Mugabe in 2017.

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