ZimStat inflation rate figures are rubbish, American economist

Renowned American economic analyst Steve Hanke has blasted the Zimbabwe Statistics Agency (ZimStat) for allegedly releasing wrong inflation rate figures.

Hanke has for long accused ZimStat of downplaying the country’s inflation figures so as to paint a glossy picture.

“ZimWatch: According to Zimbabwe’s ZimStat, Zimbabwe’s inflation has officially spiked to 101.3 per cent/ year in July. WRONG!

“I accurately measure ZIM’S inflation at a punishing 572%/yr, ~5.6x ZimStat’s RUBBISH rate,” he says.

Hanke says President Emmerson Dambudzo Mnangagwa is leading Zimbabwe to ruins adding that his economic mismanagement has sent inflation soaring to a punishing figure.

“No wonder Zimbabwe is the MOST MISERABLE COUNTRY IN THE WORLD in the Hanke 2022 Misery Index,” he says.

Hanke adds that Zimbabwe, despite targeted US sanctions against members of the regime, the ruling party has only become more oppressive, meaning sanctions have never worked as intended.

Meanwhile, Hanke has been urging the Harare administration to dump the local currency, Zimdollar and fully dollarise.

However, President Mnangagwa says the country’s local currency is here to stay, adding that no country can develop without its own currency.

Zwnews