Zimbabwe inflation soars past 100 000%

ZIMBABWE'S annual inflation rate has soared to over 100,000 percent, according to official figures released on Wednesday.

"The year-on-year inflation rate for the month of January 2008, as measured by the all items Consumer Price Index (CPI) stood at 100,580.2 percent, gaining 34,367.9 percentage points on the December rate of 66,212.3 percent," the Central Statistical Office (CSO) said in a statement.

"This means that prices as measured by the all items CPI increased by an average of 100,580.2 percent between January 2007 and January 2008."

Inflation of food and non-alcoholic beverages reached 105,428.0 percent while non-food inflation was 97,885.7 percent," said the statement.

The southern African country's economy has been in a tailspin for the past seven years, characterised by shortages of basic commodities like sugar, cooking oil and petrol.

While the products are readily available on a burgeoning black market, many Zimbabweans have resorted to buying their essentials from neighbouring countries like Botswana, South Africa and Zambia.

At least 80 percent of the population is living below the poverty threshold, often skipping meals to stretch their income which frequently fails to cover basic needs.

The government has introduced several measures to try and curb inflation, including imposing a ceiling on the prices of some goods and services and knocking three zeros off the country's currency.

The CSO last released monthly inflation statistics to the media in September. The November figure was only released by the central bank chief in a statement last month. - AFP

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