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Inflation Rate Tops 1,000% For First Time in Zimbabwe

Contributed by mm | May 13, 2006 11:39 AM PST





1,000% annual inflation is about 20% monthly inflation. This is a living example of how bad economic policy can devastate a nation.

From Wall Street Journal:

Zimbabwe's annual inflation rate topped 1,000% for the first time, underlining the economic collapse of a country crippled by shortages.

Moffat Nyoni, director of the Government's Central Statistical Office, said that inflation for the 12 months to April 2006 was 1,042.9%, according to a state radio report Saturday.

...

Since mobile phones went into service in 1996 as fixed-phone services crashed, the price of the most inexpensive phone has increased 5,000 times. The price of a single car battery this year could have bought 14 brand new cars 10 years ago.

There is a joke that toilet paper costs so much -- 125,000 Zimbabwe dollars a roll ($125) -- that it would be cheaper to use 500 dollar notes.

And the money needed 12 years ago to buy a house -- three million Zimbabwe dollars, or an entire life's savings -- doesn't even cover a family's monthly expenses today.
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