INFLATION in Zimbabwe hit a record 50% in February, surpassing the August 1992 high of 49,1%, the country’s central statistical office said on Tuesday. The unprecedented rise was prompted by steep hikes in the prices of food stuffs. The highest inflation level reached previously in Zimbabwe, in 1992, was attributed to severe drought. The inflation rate stood at 24% at the beginning of last year, before it started rising to reach 46,6% by December. The high inflation environment has been blamed on the fall of the Zimbabwe dollar, which lost more than 70% of its value last year.
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