Zimbabwe's inflation at highest level in decade as dollar shortage bites
Zimbabwean inflation soared last month to its highest level since 2008, official data showed on Tuesday, after a severe dollar shortage led to a surge in prices of food, drinks and clothes. Statistics agency Zimstat said the annual inflation rate shot up 20.85% in October from 5.39% in September after the dollar shortage led to a collapse in Zimbabwe's parallel currency called the bond note, triggering sharp price hikes in many goods and services. This has sent a ripple of fear among citizens still traumatised by the hyperinflation era, which ended when Zimbabwe was forced to abandon its currency and adopt the US dollar in 2009. Some businesses in Zimbabwe are demanding payment in US dollars only and have raised prices by more than three times for the majority of Zimbabweans who pay for their goods using the bond note, mobile money or bank cards. Prices jumped 16.44% in October from 0.92% in September, Zimstat said. "This was expected after the jump in prices we saw last month but i...
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