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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).
Zimbabwe street
Africa   Zimbabwe street
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.”