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February 15, 2006

Mugabe's Economic Reforms Take Hold ...

Topics: Zimbabwe

50k.jpg.... and Zimbabwe inflation soars to 613 percent:

Zimbabwe's annual inflation rose to 613.2 percent in January from 585.5 percent in December as housing and food prices raced into the stratosphere.

The January rate was near the all time high of 622.8 percent hit during the same period in 2004, official data showed on Monday.

Once a regional breadbasket, Zimbabwe has grappled with rampant inflation during six years of recession. Shortages of foreign exchange, fuel and food have been widely blamed on mismanagement by the government of President Robert Mugabe.

On a monthly basis, the consumer price index rose by 18.6 percent, according to the Central Statistical Office (CSO).

The central bank has forecast inflation to rise to between 700-800 percent by March before it starts to slow down, although some analysts say Zimbabwe could for the first time record four digit inflation figures this year.

Its inflation rate is one of the highest in the world.

"The whole of housing expenditure, education and food and non-food items have contributed more to the annual inflation figure," CSO acting director Moffat Nyoni told journalists.

Few countries have been so devastated by the policies put in place by one man. Mugabe, who last year denied the obvious widespread food shortages, now blames the country's economic nightmare on others:
Mugabe denies charges that his policies are responsible for the economic crisis, maintaining the economy has been sabotaged by Western powers opposed to the seizures.
His lies are apparent - inflation results from government creation of money.

Mugabe's economic policies are simply insane have resulted in a nation of suffering people with the fastest shrinking economy in the world.

Check this out: Mugabe lays off 10,000 soldiers - ... The outbreak of disease follows President Robert Mugabe's notorious "Operation Sweep Out The Filth" in June, in which police destroy up to 700,000 shantytown homes along with drainage systems and drinking wells. ... The effect of such changes, the overloading of sewerage systems and a chronic shortage of fuel for refuse carts is now being felt, with cholera, previously rare in Zimbabwe, sweeping the country.

Zim Bloggers:

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Posted by tim at February 15, 2006 3:46 PM

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