Thursday, May 22, 2008

The Falling Zimbabwe dollar


In grade school, I used to chuckle at the idea floated by my teacher, that consistent inflation would require me to pull a wheelbarrel full of currency into the supermarket to do shopping one day. It seemed so silly and unlikely, but not in Zimbabwe.
Weary Zimbabweans are facing a new wave of price increases that will put many basic goods even further out of their reach: A loaf of bread now costs what 12 new cars did a decade ago.

Independent finance houses said in an assessment Tuesday that annual inflation rose this month to 1,063,572 percent based on prices of a basket of basic foodstuffs. Economic analysts say unless the rate of inflation is slowed, annual inflation will likely reach about 5 million percent by October.

3 comments:

scotchcart said...

You know the joke about standing in a queue to deposit cash at the bank? The queue was long and a man wanted to go to the loo - so he asked the man behind him to keep his place and look after his money.

The other man agreed happily but when the first man came back he was very unhappy. His money was in a neat pile on the floor but the wheelbarrow was gone.

Roland Dodds said...

Haha, I had never had that one scotchcart!

SnoopyTheGoon said...

Yep. It's amazing how much people are willing to take. That turkey should have been slaughtered years ago.