|
Zim inflation data no-show again
15/05/2007 17:01 - (SA)
Harare - Authorities in Zimbabwe, where prices are rising faster than anywhere else in the world, have again delayed releasing inflation data, which analysts expected to show a further surge.
The Central Statistical Office (CSO) has for the past year published the data around the 10th of every month but the March figure, which hit 2 200.2%, was only announced by the central bank on April 26 after weeks of speculation.
On a monthly basis, March prices rose by 50.5%, confirming the country was suffering from hyper inflation as defined by economists and monetary authorities. Analysts saw the trend continuing as prices rise on the back of food shortages.
"The (April) figures are not yet ready, we are still working on them and at this point I cannot say when we will be ready," Moffat Nyoni, acting CSO director told Reuters.
Inflation is the most visible sign of a deep economic crisis that critics say has been worsened by President Robert Mugabe's policies, such as his seizure of white-owned farms for blacks.
The economic recession has pushed unemployment to around 80% and sparked shortages of foreign exchange, food and fuel, leaving many families unable to feed themselves.
The central bank early this year projected the inflation rate would come down to between 300%-400% but analysts see it rising further. The International Monetary Fund says the figure will accelerate to 3 000% by the end of the year.
Economic analysts saw more price pressures because Zimbabwe has had to import the staple maize to plug a huge deficit this year.
They said the Reserve Bank of Zimbabwe could be forced to scrounge for foreign currency on the black market, further weakening the country's battered currency and pushing up food prices.
- Reuters
|
News
Zimbabwe Special Report
