Zimbabwe’s inflation rate rises to nearly 1,099 percent

HARARE, Dec 11, 2006 (AFP) – Zimbabwe’s inflation spiral rose to 1,098.8 percent last month, up 28.6 percentage points from October, the Central Statistical office said Monday. Last month, Finance Minister Herbert Murerwa predicted a marginal economic growth in the coming year, adding that inflation would dip to 350 percent as he presented the budget for 2007.

“The year-on-year of inflation in November was 1,098.8 percent gaining 28.6 percentage points on the October rate of 1,070.2 percent,” Kennedy Shonhiwa, acting director for statistics announced at a news conference in the capital.

“This means that on average goods and services normally purchased by households for final use in Zimbabwe were 12 times as expensive in November 2006 as they had been twelve months before.”

Zimbabwe’s inflation rate peaked at 1,204.6 percent in August.

“A bundle of goods and services that cost 100 Zimbabwe dollars in November 2005 would on average cost 1,198.8 in November 2006,” he said.

The items that recorded the highest increase year-on-year were paramedical services at 17,653.7 percent, medical services at 3,400.4 percent and domestic power, electricity, gas and other fue