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Zim inflation at 1 730%
10/03/2007 12:00 - (SA)
Harare - Zimbabwe's annual inflation raced to 1 729.9% in February as the seven-year-old economic and political crisis worsened, the central statistical office (CSO) said.
In statistics released on Friday, the office said February's inflation, up from January's 1 593.6%, was driven largely by soaring food and electricity costs.
The annual inflation rate has been on a roller-coaster ride since December 2004 when it shot up to 622.8%.
CSO said month-on-month inflation was 37.8%.
Last year, the International Monetary Fund warned that inflation may this year average 4 279%, in a country where an average worker earns 90 000 Zimbabwe dollars a month, according to the Zimbabwe congress of trade unions.
Salaries and prices frozen
In January central bank governor Gideon Gono proposed that salaries and prices of goods and services be frozen from March until June while government, labour and business work out a social contract to halt the country's economic woes.
President Robert Mugabe's government last year April unveiled an economic blueprint to try and revive the country's moribund economy within nine months by, among others, generating foreign currency, attracting more foreign tourism and improving agricultural production.
The country is in the seventh year of economic recession characterised by high inflation, massive unemployment and chronic shortages of foreign currency and basic goods like fuel and the staple cornmeal. - Sapa-AFP
- SAPA
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