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Zimbabwe inflation jumps from 1190 to 1302 per cent/ year in two days

Filed under: Business,International News,Latest News |
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Zimbabwe is facing its worst economic crisis in more than a decade, with inflation skyrocketing.

The country recently recorded the biggest inflation jump to unprecedented levels.

According to economist at John Hopkins University, Steve Hanke, the country’s inflation has just hit new and unprecedented highs.

“Zimbabwe is facing its worst economic crisis in over a decade. Inflation skyrocketed from 1190 to 1302% year in two days by my measure,” he said on 29 June 2020.

Hanke’s measure employs high-frequency data and has been providing the country with the most reliable statistics.

Apparently, the government through the Zimbabwe National Statistics Agency (ZIMSTAT) has been downplaying the figures trying to paint a good picture.

ZIMSTAT is a corporate body that was established through the Census and Statistics Act of 2007.

The operations of the Agency are controlled and managed by the Board.

The agency is the main source of official statistics in Zimbabwe and is mandated to play a coordination and supervisory role within the National Statistical System.

ZIMSTAT has the authority to certify and designate any statistics produced in the country as official statistics having been satisfied that all the quality requirements of good statistics were met.

Under the said Act, ZIMSTAT is mandated to produce official statistics where “statistics” means the aggregated numerical information relating to demographic, economic, financial , environmental ,social or matters at national, provincial or local level, compiled and analysed according to statistical standards and procedures.

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One Response to Zimbabwe inflation jumps from 1190 to 1302 per cent/ year in two days

  1. Spare a thought for Zimbabweans. Inflation rate of more 1000 per cent! There’s an economic melt dwn on Zambia’s doorstep. Where’s SADC? Wht’s its role? If this is not SADC’s business, then wht’s SADC’s business?

    Max
    July 1, 2020 at 1:55 pm
    Reply

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Start: 2019-07-01 End: 2019-07-31