Prices of basic commodities are surging in Zimbabwe as annual inflation spikes hitting new records.
Inflation went up to 72.7% in March, from 66.1% the prior month, reaching its highest point since last June.
This is amid rising money supply and quasi-fiscal activities pumping liquidity into the market.
Apparently, renowned economist Steve Hanke says Zimbabwe is on top of the inflation log standing.
“In this week’s inflation table, Zimbabwe takes 1st prize. On April 21, I measured Zimbabwe’s inflation at 207%/year.
Zimbabwe’s dollar is junk. It’s high time that Zimbabwe dump the Zimbabwean Dollar & officially adopt the USD,” he says.
Meanwhile, Hanke has been providing reliable inflation figures, with the government accused of downplaying the data in an attempt to present a glossy picture.