London, Oct.10 : Zimbabwe's inflation has skyrocketed to an astronomical 231 million per cent.
According to The Telegraph, the latest inflation figures show that Zimbabwe is suffering the highest inflation rate in the world.
In June the statistic stood at 11.2 million per cent a year, but the state-owned Herald newspaper said that in July it was more than 20 times higher. Monthly inflation was 2,600.2 per cent, it added.
A loaf of bread, which cost 500 Zimbabwean dollars at the beginning of August, now costs between 7,000 Zimbabwean dollars and 10,000 Zimbabwean dollars, even when it can be found.
The root cause of the country's hyperinflation is the government's policy of printing ever more money to meet its own needs, which has the effect of destroying the Zimbabwe dollar's value in terms of hard currency, sending the cost of anything imported soaring.
And with the economy in a downward spiral Officially, one US dollar is worth 180 Zimbabwean dollars, but on the black market, it fetches 8,000 Zimbabwean dollars. For bank transfers, the rate is 1.5 million Zimbabwean dollars to one.