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April 16th, 2008 · No Comments Yet
Zimbabwe inflation hits 165,000%
Zimbabwe’s soaring inflation hit an annual rate of almost 165,000% in February, official figures show. Continuing shortages of food and fuel helped to push up inflation from January’s rate of 100,000%. Government officials say the shortages make it hard to work out inflation with any degree of accuracy.
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The central bank has introduced new banknotes to cope with the spiralling prices. Last month it issued a 10 million Zimbabwe dollar note.- BBC News
This is just… meaningless. Is this worse than Germany in the 20’s? It must be. This is over 2000% per day. You go out with £20 tomorrow morning, and by the evening it’ll buy you a bag of chips. By the following evening, you’ll need £400 for a bag of chips. And so on. Go on, economists, tell me it’s more complicated than that.
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