Zimbabwe on Wednesday postponed the release of monthly figures that were expected to show the country’s inflation cross the 1 000% threshold, one of the highest rates in the world.
Samuel Undenge, deputy minister for economic development, said the results were not released “because of a logistical issue” but would be announced “in due course”.
Zimbabwe’s 12-month inflation rate jumped to a new record high of 913,6% for March and economists saw no reversal in the trend that has sent living conditions plummeting.
“There is no doubt that it’s now more than 1 000%,” said Godfrey Kanyenze, an economist with the country’s main labour movement, the Zimbabwe Congress of Trade Unions.
“They may try and delay the announcement but it’s common cause that we have breached the 1 000% mark. They cannot hide that from anyone.”
“Our forecast shows annual inflation has been on an upward movement and it will surpass the 1 000% mark,” said Witness Chinyama, an economist with a local bank.
He said tobacco, one of the country’s major foreign currency earners, was not expected to reap much because of the low quality of the crop delivered to the markets this year.
Chinyama said chronic foreign-currency shortages bedevilling the country would push inflation levels upwards.
Central bank governor Gideon Gono forecast in January that inflation would peak at over 800% in March before receding to below 500% in June and declining to double digits next year.
The Southern African nation is in the throes of an economic crisis, characterised by rocketing inflation, soaring poverty levels, an unemployment rate hovering at over 70% and chronic fuel and basic goods shortages. — AFP