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Zimbabwe has highest inflation rate in world, 300 percent

Christian Fernsby ▼ | September 29, 2019
Annual inflation in Zimbabwe was 300 percent in August, according to new data released by the International Monetary Fund (IMF).
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At that level, the troubled southern African nation’s inflation rate is the highest in the world.

Topics: Zimbabwe inflation

Annualised inflation in Zimbabwe was measured at 175.66 percent in June, up from 97.85 percent in May.

In a statement, IMF head of delegation Gene Leon said Zimbabwe was experiencing what he described as severe economic difficulties.

Leon was a part of an IMF delegation that was recently in the country to assess progress on the implementation of a Staff Monitored Program (SMP) that measures economic performance and Zimbabwe’s commitment to reforms.

The programme is a key step towards unlocking IMF funding.

“Since the February currency reform, the exchange rate has depreciated ,” Leon said.

The currency went from one-to-one with the US unit to 1 to 16.5 as of September 23, “fostering high inflation, which reached almost 300 percent (year-over-year) in August.”


 

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