Zimbabwe Inflation Hits 2.2 Million Percent!
I can't even begin to make sense of that number. It's unreal! 2.2 million% inflation! In comparison, the average rate of inflation in the US of A over the last 30 year has been relatively stable at around 3 to 4%.Also, keep in mind that as recently as February, just 5 months ago, Zimbabwe's reported rate of inflation was 165,000%, an unheard of number that was already ridiculously high. At a current 2.2 million%, the prices of basic goods like bread, when available, will go up by 30-40 percent PER DAY!
So, imagine this - a $2.00 loaf of bread today will rise to a price of about $2.80 by tomorrow, and then $3.92 by the 3rd day, and so on, and so forth!
Like I said, I can't even fathom those kind of numbers. It's so insane that it's almost laughable!I'm no economist, so a thorough explanation of how this got so out of hand, or how it can be reversed, escapes me - whether Mugabe is entirely to blame, or if US sanctions on Zimbabwe in order to put pressure on Mugabe are also a culprit, or if it's an amalgamation of both, and a lot more that I'm just not aware of.
And to think that Zimbabwe used to be one of Africa's best performing economies.
The meltdown continues... there has to be a bottom on the horizon.
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