The month of June’s inflation rate has hit record high at 191.6% since last year April’s 194.07%.
Apparently, below is how Zimbabwe’s inflation has trended over the past year according to the Zimbabwe Statistical Agency.
June: 191.6%, May: 131.7%, April: 96.4%, March: 72.7%, Feb: 66.1%, Jan: 60.61%, Dec: 60.74%, Nov: 58.4%, Oct: 54.49%, Sept: 51.55%, Aug: 50.24%, July: 56.37% and June 2021: 106.6%.
However, the government has been accused of downplaying inflation figures in an attempt to paint a good picture.
According to renowned economist Steve Hanke, Zimbabwe is leading the log on inflation.
He urges the country to fully dollarise:
“In this week’s inflation table, Zimbabwe takes the 1st place.
“On June 23, I measured Zimbabwe’s inflation at 377%/yr. Almost 4x the official inflation rate of 96.4%/yr. Zimbabwe must dump the Zim Dollar & officially adopt the USD.”
The country’s local currency, the Zimdollar has been losing its purchasing power on a daily basis.
This has seen public and private sector workers demanding salaries in US dollars.