Zimbabwe: Inflation Estimated at 15,000 Percent; Mugabe Shifts Blame
One more reason to be thankful this Thanksgiving: The dollar may be losing value—but it’s not this bad.
The government of Zimbabwe won’t release its latest numbers on inflation, but analysts last week said they expected the year-on-year rate for October to be almost 15,000 percent—nearly double the already incomprehensible figure of 8,000 percent the government reported for September.
The government says it cannot release the latest numbers and that “they may not be available for a while,” according to the acting director of Zimbabwe’s Central Statistical Office, ostensibly because of a computing problem.
Whatever the reason for the delay, there is little doubt that the figures will be embarrassing for Harare. President Robert Mugabe has announced his intention to turn back his nation’s economic slide, including bringing a halt to runaway inflation that has rendered Zimbabwe’s currency virtually worthless. The nation is plagued by chronic shortages of food, fuel and other necessities. Unemployment stands at around 80 percent.
What is the president’s approach to the problem? The Daily Mailreports,
Mugabe, in power since independence from Britain in 1980, blames the crisis on sabotage by political opponents at home and abroad, who he says want to punish him for seizing thousands of white farms and redistributing the land to blacks.
If that is what the leader truly believes is the source of the crisis, don’t expect his solutions to alleviate Zimbabwe’s troubles anytime soon.