Zim inflation hits new high

2003-08-20 14:12

Harare - Inflation in Zimbabwe hit a new high in July when official calculations put it at just under 400 percent, the government said on Wednesday.

The latest consumer price data released by the Central Statistical Office (CSO) put inflation in the southern African country at 399.5 percent in July, almost double the rate of 208 percent in January this year.

"The year on year inflation rate for the month of July 2003 as measured by the all-items consumer price index increased to 399.5 percent, gaining 35 points on the June rate of 364.5 percent," CSO said

Food inflation stood at 480 percent in July, gaining nearly 47 percentage points on the June rate. Non-food inflation rose 29 points to 358.4 percent for the month.

Zimbabwe is currently in the grip of a severe economic crisis characterised by chronic shortages of fuel, food and foreign currency.

Many shops and businesses adjust their prices upwards on a weekly basis. The hardships of most Zimbabweans, around 80 percent of whom live in poverty, are likely to increase in parallel with sky-rocketting inflation.

Aid agencies estimate that 5.5 million of Zimbabwe's 11.6 million people will this year require emergency food aid.

- AFP