Zimbabwe running out of bread as inflation tops 175%

pixabay.com, 2019

(Also, read: Zimbabwe bans foreign currency, reigniting fears of hyperinflation)

Zimbabwe's inflation rate skyrocketed to 175% in June, triggering traumatic memories of hyperinflation that erased most people’s savings a decade ago.

The country’s statistics agency measured inflation at 97% in May.

Millions of Zimbabweans have fled the country – many of them to South Africa – since the start its economic collapse in 2000.

Supplies of essentials, including basics such as bread, is running out in a country once known as a “breadbasket” (i.e. a region that produces surplus food, enough for itself and export).

Recently, a group of armed robbers stole 500 loaves of bread during a delivery at a bakery in Harare.

Last month, Zimbabwe banned the use of US dollars, South African rands and other foreign currencies.

The country now has a new “Zimbabwe dollar” (electronic RTGS dollar).

In November 2008 Zimbabwe’s inflation rate hit 89.7 sextillion percent (897 000 000 000 000 000 000 000%) after repeated bouts of “money printing”.

The Money Show’s Bruce Whitfield interviewed Chris Bishop, Head of Programming (and author of Africa's Billionaire's) at CNBC Africa.

Listen to the interview in the audio below.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
[BREAKING NEWS] Johnny Clegg (66) has passed away

[BREAKING NEWS] Johnny Clegg (66) has passed away

Specialists diagnosed the singer with pancreatic cancer in 2015.

'Thomas Stringfellow lost the money I got when my wife and baby died'

'Thomas Stringfellow lost the money I got when my wife and baby died'

"There’s a 91-year-old. There are people in the hospital who rely on this money to survive," says scam victim Laurence Upton.

Investigators find serious corruption at EOH

Investigators find serious corruption at EOH

A probe found "suspicious transactions" worth R1.2bn, bribery and theft. Bruce Whitfield interviews EOH CEO Stephen Van Coller.

3 best JSE and offshore shares to buy, right now (by Anchor Capital)

3 best JSE and offshore shares to buy, right now (by Anchor Capital)

The Money Show’s Bruce Whitfield asks Henry Biddlecombe (an analyst at Anchor Capital) for his stock picks of the week.

Capitec Bank has the strongest brand of any company in South Africa

Capitec Bank has the strongest brand of any company in South Africa

Castle Lager came in second, followed by FNB, Black Label, Discovery and Vodacom, according to the 2019 Brand Finance report.

Advisor scams pensioners out of R100 million with promises of 14% returns

Advisor scams pensioners out of R100 million with promises of 14% returns

Bruce Whitfield interviews Phillip de Wet (Business Insider), Robert Walton (Boutique Collective Investments) and Brandon Topham.

Popular articles
[UPDATE] No fatalities in N1 north bus fire

[UPDATE] No fatalities in N1 north bus fire

Passengers and JMPD give details of what led to the fire on the bus.

[VIDEO] Real estate company surprises employees with R740,000 bonus each

[VIDEO] Real estate company surprises employees with R740,000 bonus each

Khabazela shares tweets and Facebook posts that have gone viral.

[VIDEO] Dad accidentally dunking baby in 20-inch snow goes viral

[VIDEO] Dad accidentally dunking baby in 20-inch snow goes viral

Khabazela shares tweets and Facebook videos that have gone viral.

[WATCH] Baby saved from falling off counter while mom shops for a gun goes viral

[WATCH] Baby saved from falling off counter while mom shops for a gun goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

'Centurion was built in a floodplain, that's the problem,' says environmentalist

'Centurion was built in a floodplain, that's the problem,' says environmentalist

Water and Environment specialist Professor Anthony Turton says Centurion Lake has always been a controversial development.

'Glug Glug' still our most beloved commercial of the last 35 years

'Glug Glug' still our most beloved commercial of the last 35 years

Even people born after 1990 will probably know this ad.

[WATCH] Woman sharing her most embarrassing moment at parking lot goes viral

[WATCH] Woman sharing her most embarrassing moment at parking lot goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Did you know? SA exports electricity to seven countries in Southern Africa

Did you know? SA exports electricity to seven countries in Southern Africa

Senior Researcher at Africa Check Kate Wilkinson shares their latest from their fact-finding missions.