Zimbabwe inflation hits record high

Zimbabwe’s inflation hit a record 26 470,8% in November 2007, Reserve Bank Governor Gideon Gono said in a monetary policy statement on Thursday.

The figure rose from 7 982,1% in September.

Zimbabwe’s Central Bank produced no inflation data for October.

” ... Inflation continues to be arguably the most devastating macroeconomic imbalance in the country, as its adverse effects are cutting across all sectors,” Gono said.

“As monetary authorities, our philosophy on how to successfully destroy the inflation dragon remains that of deploying a combination of demand management policies, supported by structural reforms, as well as deliberate strategies to invigorate the supply side of the economy,” he said.

The country needed to produce more food to fight inflation and more houses needed to be built for the people to reduce “the penal rentals that are fuelling overall inflation”, Gono said.

Zimbabwe needed to produce more foreign exchange through higher exports and foreign investment inflows.

“With more foreign exchange, we will better preserve the external value of our local currency, which in turn minimises imported inflation,” he said. - Sapa

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