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Zimbabwe inflation soars further
An annual inflation rate of more than 66,000 per cent shows fiscal strategies failing.
Last Modified: 14 Feb 2008 12:58
More than 80 per cent of Zimbabweans
live below the poverty line [AP]

Inflation in Zimbabwe currently stands at 66,212.3 per cent.

The country's central statistical office (CSO)reported the further sharp rise in inflation on Thursday.
 
The previous recorded rate was just over 26,740 per cent.
The CSO said in a statement: "The year-on-year inflation rate for the month of December 2007, as measured by the all items consumer price index (CPI) stood at 66,212.3 per cent, gaining 39,714.5 percentage points on the November rate of 26,740.8 percent," .
Month-on-month inflation also rose to 240.1 per cent in December from 131.4 per cent in November.

The CSO said inflation on food and non-alcoholic beverages was at  79,412.0 per cent in December, while non-food inflation was 58,492.9  per cent.

Government failure

The rise is another sign that a government-ordered price freeze in June has failed to halt runaway price increases.

Zimbabwe's economy has been declining for the past eight years reflected by increasing inflation and shortages of basic foods and supplies, such as sugar and cooking oil.
  
At least 80 per cent of the population live below the poverty line, often skipping meals to stretch their income, which frequently fails to cover basic needs.
  
The government has introduced several measures to decrease inflation, such as imposing a ceiling on prices of some goods and services and taking three zeros from the country's currency.
Source:
Agencies
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