Zimbabwe’s inflation surges to 66,000 percent

HNB FINANCE Managing Director Chaminda Prabhath receiving the Great Place to Work certification

HARARE, Feb 14, 2008 (AFP) – Zimbabwe’s inflation rate, already the highest in the world, has soared to a new high of 66,212.3 percent, according to official figures obtained by AFP on Thursday. “The year-on-year inflation rate for the month of December 2007, as measured by the all items Consumer Price Index (CPI) stood at 66,212.3 percent, gaining 39,714.5 percentage points on the November rate of 26,740.8 percent,” the Central Statistical Office (CSO) said in a statement released to banks.

“This means that prices as measured by the all items CPI, increased by an average 66,212.3 percent between December 2006 and December 2007.”

CSO said food and non-alcoholic beverages inflation was at 79,412.0 percent in December while non-food inflation was 58,492.9 percent.

The month-on-month inflation rate in December 2007 was 240.1 gaining 108.7 percentage points on the November 2007 rate of 131.4 percent, the CSO said.

“This means that prices as measured by the all items CPI increased by an average of 240.1 percent from November 2007 to December 2007.

The CPI for December 2007, stood at 414,490,130.8 compared to 129,826,060.8 in November 2007 and 665,774.1 in December 2006, CSO s