Zimbabwe has returned back to the 3-digit inflation zone for the first time since last June 2021.
The country’s May inflation rose to 131%, from 96.4% in April and Monthly inflation was 8.7% in May from April’s 9.6%.
However, according to renowned economist Steve Hanke the country’s local currency has depreciated against the USD by 94.53% since January 2020.
“Zimbabwe is in 2nd place in this week’s Hanke’s CurrencyWatchlist. The Zimbabwean dollar has depreciated against the USD by 94.53% since January 2020.
“Zimbabwe must dump the Zimbabwean dollar & officially adopt the USD.”
Apparently, the inflation trends are as follows: April: 96.4%, March: 72.7%, Feb: 66.1%, Jan: 60.61%, Dec: 60.74%, Nov: 58.4% and Oct: 54.49%.
Worldwide, as stated by Hanke, the war in Ukraine & sanctions on Russia have sparked unprecedented food inflation. A 40 gram bag of potato chips has risen from $1.50 to $1.80 in the past year.