The cost of living is spiralling out of control in Zimbabwe which saw prices recently soaring by over 30 per cent.
Meanwhile, according to market watchers, this bad mix of high food prices, skyrocketing inflation and unavailable social safety nets have sent citizens into deep poverty.
Consumers in Zimbabwe are struggling to buy basic foodstuffs, driving them into untold food poverty.
On the other hand, the local currency is losing its buying power with each passing day.
In his recent depressed currencies watch, renowned economist Steve Hanke said:
“Zimbabwe is in 2nd place in this week’s Hanke’s CurrencyWatchlist.
“The Zimbabwean Dollar has depreciated against the USD by 94.96% since January 2020.
“It’s time for Zimbabwe to dump the Zim Dollar & officially adopt the USD.”
For Zimbabwe, this is coming at a time the government has unsettled the donor community through a controversial new Bill.