The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).

However, experts believe the actual rate of inflation may be MUCH
HIGHER.

Zimbabwe is in the midst of a dire economic crisis with unemployment
at almost 80%, most manufacturing at a halt and basic foods in short
supply.

High money supplies have also been fuelling hyperinflation. Critics
have accused President Robert Mugabe's government of printing money to
finance his election campaign and prop up the economy. Month-on-month
inflation in the country accelerated to 839.3% from 433.4%.

Chaos

"Our inflation figures are way above that, but what it tells us is
that the productive base of the economy has really shrunk," said one
unnamed economist at a domestic bank.

WE REALLY NEED TO CHANGE THE WAY WE DO BUSINESS" he added.

Zimbabwe, once one of the RICHEST COUNTRIES IN AFRICA, has descended
into economic chaos largely blamed on the policies of President
Mugabe.

Mr Mugabe has denied he is ruining the economy, laying the blame
instead on international sanctions he says have been imposed against
Zimbabwe.

Since his controversial re-election in June, Mr Mugabe has been in
talks about a power-sharing deal with the opposition party, the
Movement for Democratic Change (MDC).

However, the two side have shown no sign of coming to an agreement and
the country's economic situation has been worsening.

'Economic emergency'

Earlier this month, Zimbabwe's central bank chief called for a six-
month freeze on prices and wages in a bid to rein in spiralling
inflation.

"Zimbabweans must realise that the country is in a practically binding
state of socio-economic emergency," Reserve Bank governor Gideon Gono
said.

"As such, there is need for a universal moratorium on all incomes and
prices for a minimum period of six months," he added.

His comments came weeks after the bank revalued its currency in an
effort to curb hyperinflation - lopping 10 zeros off the Zimbabwe
dollar making 10bn dollars now equal to one dollar.

But the move had little effect on strengthening the currency, which
has since weakened from the Z$6 level againt the US dollar to around
the Z$18 mark.

http://news.bbc.co.uk/2/hi/business/7569894.stm

.. wrote:
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).

I reckon there is a good business for some clever Zimbabwean to sell
Zimbabwe notes on Ebay, I'd pay a few Euros for a billion dollar bill
and he'd make a great profit.

Of course someone might be doing it already, I don't use Ebay, perhaps
I'll have a look

"." wrote in message
...
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical Office
(CSO).

What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!

--
Martin

Martin wrote:
"." wrote in message
...
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical
Office (CSO).

What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!

Quite. By the time he's finished the calculation it'll be totally wrong.

"John of Aix" wrote in message
...
Martin wrote:
"." wrote in message
...
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical
Office (CSO).

What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!

Quite. By the time he's finished the calculation it'll be totally wrong.

Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even bother
to accept it?

tim

"tim....." wrote in message
...

"John of Aix" wrote in message
...
Martin wrote:
"." wrote in message
...
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical
Office (CSO).

What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!

Quite. By the time he's finished the calculation it'll be totally wrong.

Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even
bother to accept it?

tim


I'll bet everyone makes at least a six figure income!

tim..... wrote:
"John of Aix" wrote in message
...
Martin wrote:
"." wrote in message
...
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical
Office (CSO).

What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!

Quite. By the time he's finished the calculation it'll be totally
wrong.

Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you
get to the shops to spend the money it is worthless. Why does
anybody even bother to accept it?

They always said that this was the case during the German Weimar
republic (I don't know if it is true as I wasn't there) and that people
were paid by the hour then rushed down to the shops with wheelbarrows
full of notes to buy their bread.

On Tue, 19 Aug 2008 19:10:53 +0100, "tim....."
wrote:

"John of Aix" wrote in message
...
Martin wrote:
"." wrote in message
...
The rate of inflation in Black Zimbabwe jumped to just over
11,250,000% in June, official figures show.

"It gained 9,035,045.5 percentage points from the May rate of
2,233,713.4%," said state media quoting the Central Statistical
Office (CSO).

What kind of muppet imagines he can calculate an inflation rate to 8
sig.figs....?!!

Quite. By the time he's finished the calculation it'll be totally wrong.

Is there any where that explains how such inflation works?

At these rates of inflation, if you are paid today by the time you get to
the shops to spend the money it is worthless. Why does anybody even bother
to accept it?

in socialism you do as you're told...and praise the leader...

--
web site at www.abelard.org - news comment service, logic, economics
energy, education, politics, etc 1,552,396 document calls in year past
--------------------------------------------------------------------------------
all that is necessary for [] walk quietly and carry
the triumph of evil is that [] a big stick.
good people do nothing [] trust actions not words
only when it's funny -- roger rabbit
--------------------------------------------------------------------------------

"tim....." wrote
At these rates of inflation, if you are paid today by the time
you get to the shops to spend the money it is worthless...

Pah - it's only just over 3% per day. How many
days does it take them to get to the shops?

On 19 Aug, 20:07, "Tim" wrote:
"tim....." wrote

At these rates of inflation, if you are paid today by the time
you get to the shops to spend the money it is worthless...

Pah - it's only just over 3% per day. *How many
days does it take them to get to the shops?

Over 31% per day not 3%.

It's not so much getting to the shops - it's waiting in the queue as
well.