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Huge rise in Zimbabwe inflation | |
(about 7 hours later) | |
Zimbabwe's rate of inflation surged to 3,731.9%, driven by higher energy and food costs, and amplified by a drop in its currency, official figures show. | Zimbabwe's rate of inflation surged to 3,731.9%, driven by higher energy and food costs, and amplified by a drop in its currency, official figures show. |
April's inflation rate jumped up from the 2,200% recorded last month, the Central Statistical Office (CSO) said. | April's inflation rate jumped up from the 2,200% recorded last month, the Central Statistical Office (CSO) said. |
The announcement came after Zimbabwe's government created a commission charged with finding a way to curb the country's spiralling cost of living. | The announcement came after Zimbabwe's government created a commission charged with finding a way to curb the country's spiralling cost of living. |
There is high unemployment, and fuel and food shortages across the nation. | There is high unemployment, and fuel and food shortages across the nation. |
Price increases to 'worsen' | Price increases to 'worsen' |
The surging cost of domestic electricity, food, fuel and commuter transport fares were at the heart of last month's price surges, the CSO said. | The surging cost of domestic electricity, food, fuel and commuter transport fares were at the heart of last month's price surges, the CSO said. |
Economists believe that these price increases will continue because Zimbabwe will be forced to import maize, a basic food staple, to make up for a lack of home-grown produce. | Economists believe that these price increases will continue because Zimbabwe will be forced to import maize, a basic food staple, to make up for a lack of home-grown produce. |
The government has also recently warned of shortages of bread and flour, which may cause even more hardship. | The government has also recently warned of shortages of bread and flour, which may cause even more hardship. |
The BBC's Peter Biles said that only 10% of the country's winter wheat crop had been planted due to shortages of fuel and fertilizer. | |
Last week, households in Zimbabwe were told they would be limited to four hours electricity supply a day in a move designed to support the country's wheat farmers, who need power to irrigate their crops. | Last week, households in Zimbabwe were told they would be limited to four hours electricity supply a day in a move designed to support the country's wheat farmers, who need power to irrigate their crops. |
Economic crisis | Economic crisis |
Rampant inflation is a clear sign of a deep economic crisis, analysts said. | Rampant inflation is a clear sign of a deep economic crisis, analysts said. |
Critics have blamed President Robert Mugabe's policies, particularly the seizure of white-owned farms, for damaging the once self-sufficient country - in the past described as the bread basket of Africa. | Critics have blamed President Robert Mugabe's policies, particularly the seizure of white-owned farms, for damaging the once self-sufficient country - in the past described as the bread basket of Africa. |
President Mugabe, meanwhile, has accused foreign governments of trying to sabotage Zimbabwe's economy and topple him. | President Mugabe, meanwhile, has accused foreign governments of trying to sabotage Zimbabwe's economy and topple him. |
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