Zimbabwe inflation soars past 100,000%

Zimbabwe's annual inflation rate has soared to over 100,000%, according to official figures released on Wednesday, 20 February.

"The year-on-year inflation rate for the month of January 2008, as measured by the all items Consumer Price Index (CPI) stood at 100,580.2%, gaining 34,367.9 percentage points on the December rate of 66,212.3%," the Central Statistical Office (CSO) said in a statement.

"This means that prices as measured by the all items CPI increased by an average of 100,580.2% between January 2007 and January 2008."

Inflation of food and non-alcoholic beverages reached 105,428.0% while non-food inflation was 97,885.7%," said the statement.

The southern African country's economy has been in a tailspin for the past seven years, characterised by shortages of basic commodities like sugar, cooking oil and petrol.

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