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Zimbabwe's inflation will hit 100000%

By unknown | Feb 19, 2008 | COMMENTS [ 0 ]

Zweli Mokgata

Zweli Mokgata

Zimbabwe's hyperinflation will go all the way up to 100000percent before June as the government prints money to fund its election campaign.

Zimbabwe's official inflation rate is hovering at more than 66000 percent and rising, meaning that the cost of buying goods with Zim dollars is rising faster than what the average Zimbabwean can earn.

Over 80percent of space in Zimbabwean stores is empty in a country where the unemployment rate is at 80percent.

Social grants continue to provide people with money for the most basic items, but this only contributes to the out-of-control inflation.

Three of South Africa's top retailers that have outlets in Zimbabwe: Shoprite, Pick n Pay and Spar have virtually ceased to operate in that country.

Pick n Pay spokesman Willem Steenkamp said: "In our previous results (interim results in August) we recorded zero revenue for our Zimbabwe's shops. It's pretty much a write-off."

Pick n Pay has a 25 percent share in TM Supermarkets. Shoprite has two shops in the country. Spar has 83 stores across Zimbabwe.


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