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More means less for Zimbabweans battling hyper-inflation

Updated Jul 11, 2022
NewsDay Zimbabwe WITH runaway inflation eating into incomes, staple foods have vanished from the tables of Zimbabweans like Emina Chishangwe, who lives in a poor dormitory town south of the capital, Harare. “I can’t remember the time I ate meat. It has become a luxury for some of us,” said the 57-year-old single mother of two adult sons.
Source: More means less for Zimbos battling hyper-inflation – Zimbabwe has the highest inflation rate in the world, according to Steve Hanke, a professor of applied economics at Johns Hopkins University, who believes it can only be remedied by the full adoption of the US dollar. The situation has quickly worsened this year as the Russian invasion of Ukraine compounded with black market foreign exchange has depleted the value of the Zimbabwe dollar. “The parallel market is to blame to a large degree for the spiralling inflation,” AgriBank chief economist Joseph Mverecha told AFP. Zimbabwe’s economy has been on a downturn for nearly two decades, marked by shortages of cash and food. Inflation soared to 191,6% in June, up from 60% at the beginning of the year, driving prices of goods ever upwards. The rate dwarfs even the 41% inflation in war-torn Ukraine. A kilogramme of choice beef now costs $8 768 and 5kg of chicken drumsticks $21 000, the equivalent to a civil servant’s average ...
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