Zimbabwe "inflation rocketed to a staggering 11 million percent in June, the highest in the world, from 2.2 million in May, and chronic food, fuel and foreign currency shortages are worsening.
But many economists believe the figure is higher still and it has little meaning for Zimbabweans, who find that a loaf of bread costs almost five times more than it did a month ago -- if it can be found for sale."
Source: http://www.reuters.com/article/marketsNews/idUSLJ72598820080819?pageNumber=2&virtualBrandChannel=0
Inflation Could Be Worse
August 20th, 2008 at 04:59 pm
August 20th, 2008 at 05:08 pm 1219252082
How many of us who post/lurk here actually live in Zimbabwe?
Show of hands please
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August 20th, 2008 at 05:18 pm 1219252738
August 20th, 2008 at 05:23 pm 1219253023
You know, in Zimbabwe, farmers are not even bringing food to market because it does not pay enough to cover their constantly rising expenses. In our own country, we have such a sophisticated yet vulnerable system of distribution off food, that a similar thing could happen to us. Others have even noted recently in their blogs, how they were seeing grocery stores apparently dial-back on the "just in time deliveries" that have kept US stores constantly topped off with a good supply of food and other consumables. And all we had causing that was an increase in fuel prices. We did not have the rest of the economy in total shambles as does Zimbabwe, thank goodness. The question is, what would it take to cause 15%, 20% inflation here? What would we all do in the face of effectively having our income cut by 1/5?
August 20th, 2008 at 09:44 pm 1219268697
August 20th, 2008 at 09:49 pm 1219268965