Zimbabwe’s inflation rate has just touched a stratospheric level of 11.2 million per cent! Yes, 11.2 million per cent, the highest in the world’s history!
Compare that to the rate of inflation in India — which is hovering at the 12 per cent level and causing so much turmoil for Indians as the cost of commodities rises sharply — and perhaps you can put things in proper perspective.
And while the world and its brother-in-law shed tears as the United States slips into a recession and major stock markets across the world plummet, spare a thought for Zimbabwe where money has no value, and hunger, poverty and death are constant companions. So why is Zimbabwe facing such times?
Image: A Zimbabwean man holds a new Z$ 500 million note.