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.

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