FAST FIVE: Zimbabwe's Inflation Rate Balloons To 20.85%: The Unofficial Rate Is Likely Higher
Via TechZim.co.zw, Following a spate of recent price hikes that had a 2008 feel and even included price control threats from the government it comes as no surprise that Zimbabwe's year to date inflation figure has ballooned.
This is also known as the Consumer Price Index (CPI).The CPI for the month ending October 2018 stood at 118,73 compared to 101,97 in September 2018 and 98,24 in October 2017.
Given the composition of the basket used to measure CPI, the surge in the inflation rate can easily be explained by the massive panic buying, hoarding and universal price hikes that followed the policy announcements by the Fiscal and Monetary authorities which were all not received. Social medial played its role as the negative portions of these policies were sometimes taken out of concept and went viral.
In all likelihood the real inflation rate is even higher than the officially cited rate.
The next budget is due on 22 November, hopefully therein will be measures that will tame inflation.