Thursday, August 23, 2007

Zim inflation hits all time high

HARARE (Reuters) - Zimbabwe's inflation rate has leapt to a record high, official data showed on Wednesday, raising pressure on President Robert Mugabe to ease an economic crisis that foes hope will weaken the veteran leader.

Zimbabwe's inflation -- already the highest in the world -- hit 7,634.8 percent in July, reminding Zimbabweans there is no relief in sight from daily hardships including chronic food, fuel and foreign currency shortages.

Although the government says the inflation figure is correct, many analysts and critics say it is likely much higher. The International Monetary Fund said last month inflation may reach 100,000 percent by year-end.

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