It is Mr. Inflation - Robert Mugabe.....Nobody does it better...
ZIMBABWE'S inflation soared to a record high of 26,470.8 per cent as the economy contracted by 6 per cent, the central bank said yesterday – dealing a blow to president Robert Mugabe's government ahead of the general election next month.
The veteran leader will seek another five-year term on 29 March, against the backdrop of an economic meltdown widely blamed on his political and economic policies.
Gideon Gono, the governor of the Reserve Bank of Zimbabwe, said that inflation galloped to 26,470.8 per cent year-on-year in November 2007, from 7,982.1 per cent in September. There were no figures for October.
The jump in inflation prompted the central bank to increase interest rates to 1,200 per cent from 975 per cent.