London, Nov 14: Ongoing global economic crisis has hit inflation levels in Zimbabwe too. The effect is to such an extent that an all-time world record could be attained within weeks. Inflation levels in Zimbabwe are running at 13.2 billion per cent a month and could reach an all-time world record within weeks, reports The Telegraph. The latest figures put the country's annual rate at 516 quintillion per cent - 516 followed by 18 zeros - overtaking Yugoslavia in 1994 and putting it behind only Hungary in 1946.
With goods unavailable and official statistics widely distrusted, the Cato Institute in Washington calculated the figures based on exchange rate movements and market data. Zimbabwean prices are currently doubling every 1.3 days. The most famous hyperinflation, Weimar Germany in 1923, is in a distant fourth place, at 29,525 per cent a month with prices doubling every 3.7 days.
For ordinary Zimbabweans, the consequences are appalling and they must spend money as soon as they get it before it loses its value. A dysfunctional economy means that goods are in desperately short supply, and Zimbabweans must spend hours foraging to find things to buy.