Zimbabwe now has the highest food inflation rate worldwide which now stands at 285 per cent.
This is according to the latest World Bank (WB) report.
The development comes after prices of basic foodstuffs and other commodities have been rising in the country.
Most food items are being charged in United States dollars at a time when the greatest number workers’ earnings are in the local currency.
In 2022, the Southern African country was ranked second to Lebanon, but it has since overtaken the Middle East country.
In the latest WB report, Venezuela is ranked second at 158% followed by Lebanon at 143%.
“Domestic food price inflation (measured as year-on-year change in the food component of a country’s Consumer Price Index remains high,” the WB noted.
However, the Zimbabwe National Statistics Agency (ZimStat) claims that the inflation rate slowed down to 229,8% but still remains one of the highest in the world.
“The Zimbabwe year-on-year inflation rate for the month of January 2023, as measured by the all items consumer price index (CPI) stood at 229,8% compared to 243,8% in December 2022,” Zimstat said.
Apparently, renowned world economist Steve Hanke is on record calling on Harare to dump its local currency and fully dollarise.
On most of his currency watch updates, the Zimbabwean dollar has been topping the log for the wrong reasons.
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