Wednesday, May 28, 2008

Is Mugabe trying for the book of economic world records?

Zimbabwean inflation measurements are very precise:
HARARE, Zimbabwe (AP) — ... 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.

As stores opened for business Wednesday, a small pack of locally produced coffee beans cost just short of 1 billion Zimbabwe dollars. A decade ago, that sum would have bought 60 new cars ... fresh price rises were expected after the state Grain Marketing Board announced up to 25-fold increases in its prices to commercial millers for wheat and the corn meal staple ...

The economy was on shop clerk Jessica Rukuni's mind as she left the public swimming pool in downtown Harare's central park with three disappointed children. She found the new admission price of 100 million Zimbabwe dollars — 30 U.S. cents — out of reach...
[HT: Roland Patrick]

Mugabe may be the inflation champion of Africa, but the world record is still a good ways ahead.
The most severe known incident of inflation was in Hungary after the end of World War II, peaking at 4.19 × 10^16 percent per month (prices double every 15 hours). [wikipedia].
Pray for his peoples' sake that the Devil comes to claim him and take him home long before then. Soon, in fact. Tomorrow.