Annual inflation in Zimbabwe passes 11 million percent

Auckland News.Net
Wednesday 20th August, 2008

The official inflation rate in the African nation Zimbabwe has now exceeded 11 million percent.

Economists locally and broad however say that figure may be significantly understating the actual inflation rate.

Zimbabwe's Central Statistics Office reported annual inflation running at 11.2 million percent in June, the state-controlled Herald newspaper reported on Tuesday.

But leading Zimbabwean financial institution Kingdom Bank reportedly issued a report estimating inflation at over 20 million percent.

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