Zimbabwe inflation down to 269%


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Zimbabwe’s annual inflation dropped for the second consecutive month, this time from 280.4% in September to 268.8% this month.

Month-on-month inflation, however, dropped only marginally from 3.5% to 3.2%.

Though still the highest in the world, even economists like Steve Hanke of the United States acknowledge that inflation is going down.

Hanke puts the country’s inflation at 393% as of 20 October down from 428% on 29 September.

The government has instituted a number of measures to curb inflation including the introduction of the gold coin, hiking of interest rates to 200% and tightening of payment of suppliers to the government to ensure value for money.

Suppliers were milking the government with Vice-President Constantino Chiwenga saying that only last week a hotel hiked its rates from US$120 to US$600 a night when it learnt that the government was intending to hold a pre-budget seminar for Members of Parliament.

The Zimbabwe dollar yesterday shed $2.62 at the auction and is now trading at $632.14.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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