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Zimbabwe Records High Inflation Rate of 175.66%

Life gets harder for the people of Zimbabwe as the country records high inflation rates.

The prices of basic commodities are soaring , as  inflation rate hits 175.66%, the highest ever in the last decade,  stoking fears of a return of the hyperinflation that wiped out savings ten years ago when the economy collapsed.
The Zimbabwe National Statistical Agency said in a statement, “The year-on-year inflation rate for the month of June 2019 as measured by the all items consumer price index stood at 175.66 percent while that of May 2019 was 97.85 percent.”

Many others are now seeking to leave as conditions worsen under President Emmerson Mnangagwa, who had promised an economic revival after he succeeding long-ruling Robert Mugabe in 2017.

Mnangagwa vowed to end the country’s international isolation, attract investors and create growth that could fund the country’s shattered public services.

Basic amenities such as Bread and cooking oil is very expensive that people are afraid of having another hyperinflation like the one country experienced between 2008 and 2009.

Last weekend, the government again raised fuel prices by 16%. The third increase since prices at the pump almost tripled in January.

Zimbabwe has embarked on a race against time to avoid experiencing another hyperinflation. The government decided to ban current transactions in foreign currencies at the end of June. A measure struggling to curb regular shortages of staple foods and shorten lines across the country.

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